Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $185,000, real estate commissions $15,000, legal fees $700, expenses of clearing the land $2,000, and expenses to remove old building $4,000. How much should land be debited for in the accounts of the company? Select one: a. $185,000 b. $187,700 c. $206,700 d. $200,000