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Lanta Co. had the following selected financial information (this is not complete balance sheet information): Equipment, $410,000; Land, $380,000; Building, $820,000; Total liabilities, $520,000; and
Lanta Co. had the following selected financial information (this is not complete balance sheet information): Equipment, $410,000; Land, $380,000; Building, $820,000; Total liabilities, $520,000; and Total equity, $1,590,000. If Lanta performed a vertical analysis on the Land account, what percentage of total assets would Lantana show for the land?
| 19.4% | |
| 18.0% | |
| 38.9% | |
| Cannot be determined from the given information | |
| 23.6% |
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