Merchant Company purchased land for a bullding site. The costs associated with the property were: What is the total recorded cost of the land? Mutiple Cholce $208,400 5203200 siarooo 5205200 An asset's book value is $20,000 on December 31 , Year 5. Assuming the asset is sold on December 31 , Year 5 for $13,000, the company should record: Mutriple Cheice A loss on sale of $7,000 A gain on cale of 512,500 Neither a gain nor a lows is recognized on this transoction A gain an sale of $7000 A loss on sale of $12,500