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 $187,000 16,200 2,000 3,200 2,200 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 $208,400 to Land: $0 to Building O $210,600 to Land: $0 to Building. $205.200 to Land: $2.200 to Building, $189,000 to Land, $23,600 to Building, $203,200 to Land: $7400 to Building