Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $194,000 Real estate commissions 16,900 Legal fees. 2,700 Expenses of clearing the land 3,900 Expenses to remove old building 2,900 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 $213,600 to Land; $2,900 to Building. $210,900 to Land; $9,500 to Building. $220,400 to Land; $0 to Building. E