Markel Inc. has acquired a parcel of land and a building for a total cost of $900,000 paid with cash. An a independent appraisal supports the fair value of land and building at $380,000 and $570,000 respectively. What is the acquisition cost of land that Markel Inc. should record? $360,000 O $370,000 O $350,000 $340,000 On July 1, 2020, Alfa Limited borrowed $600,000 from a bank for a 6-year period at a 12% interest rate. The firm must make a fixed monthly loan payment of S11,730. Which of the followings is correct when recording monthly loan payment for account Bank Loan Payable on July 31, 2020? Debit Bank Loan Payable $4,530 Debit Bank Loan Payable $6,000 Debit Bank Loan Payable $5,730 Debit Bank Loan Payable $11,730