The depreciable amount of an asset is defined as the O original cost less residual value. O original cost less depreciation. O original cost less accumulated depreciation. original cost. AFM Holdings Co. purchased 15 acres of land with an office building and warehouse on it for $2,000,000. The assets were appraised at: land $1,000,000, building $600,000, and warehouse $900,000. The assets were carried on the seller's books at: land $800,000, building $500,000, and warehouse $700,000. At what cost should the purchasing company record each of the assets? Land Building Warehouse $1,000,000 $600,000 $900,000 $800,000 $480,000 $720,000 $800,000 $500,000 $700,000 $1,000,000 $500,000 $500,000 Assets acquired in a basket purchase are to be allocated a portion of the total price based on their respective fair market values. O book values. present values. O assessed values