Question 11 Julian Corp. purchased land and a building for a combined cost of $500,000. Julian must record the $500,000 acquisition cost in an account called Land and Buildings. depreciate the $500,000 acquisition cost, less any residual value, over the expected useful life of the building. O allocate the $500,000 acquisition cost to separate Land and Buildings accounts based ontheir respective fair market values. because part of the purchse involved land, record all of the cost in the Land account