Sheridan Company installs a new parking lot. The paving cost $50000 and the lights to illuminate the new parking area cost $24000. Which of the following statements is true with respect to these additions? O $74000 should be debited to the Land account. $24000 should be debited to Land Improvements. $74000 should be debited to Land Improvements. O $50000 should be debited to the Land account