Melody's Piano School operations for the month of May are summarized in the following three transactions:

	Provided $680 of instruction to students.
	Received $880 cash from studentsof which $490 is for lessons provided in May, and $390 is for lessons provided in April.
	Paid April's piano rental bill of $190. Received May's bill of $385 but did not pay ----What is Melody's Net Income for May using the cash basis of accounting? $295 $105 $690 $390 ----What is Melody's Net Income for May using the accrual basis of accounting? $690 $390 $105 $295

A company acquired property that included land, building and equipment for a total cost of $163,000. The land was appraised at $87,500, the building at $35,000, and the equipment at $52,500. What should be the allocation of the total cost in the accounting records?

-Land $75,000; Building $30,800; Equipment $46,200

-Land $75,000; Building $30,000; Equipment $45,000

-Land $87,500; Building $35,000; Equipment $52,500

-Land $81,500; Building $32,600; Equipment $48,900