Question 25 4 pts 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 Expenses to remove old building 4,000 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? 1. A) $187.700 to Land: $19.000 to Building 2.B) $200.700 to Land: $6,000 to Building 3. C) $200,000 to Land: 56,700 to Building 4. D) $185.000 to Land: $21.700 to Building, 5. E) $206,700 to Land: $0 to Building Question 23 4 pts A promissory note is a written promise to pay a specified amount of money either on demand or at a stated future date. True False