Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price Real estate commissions Legal fees Expenses of clearing the land Expenses to remove old building $176,000 15,100 900 2,100 1,100 What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building? Multiple Choice O $192,000 to Land: $1,100 to Building. O $194,100 to Land; $0 to Building. $176,900 to Land: $19,200 to Building. $191,100 to Land: $4,100 to Building. $195,200 to Land: $0 to Building