Trading 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 185,000 15,000 700 2,000 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? O A. $200,000 to Land; $6,700 to Building. O B. $200,700 to Land; $6,000 to Building. OC. $206,700 to Land; $0 to Building. O D.$185,000 to Land; $21,700 to Building O E. $187,700 to Land; $19,000 to Building Reset Selection Previous Next Question 34 of 35 On December 1, Major Company borrowed $45,000 cash from Third National Bank by signing a 90-day, 9% note payable. a. Prepare Major's joumal entry to record the issuance of the note payable. b. Prepare Majdsjournal entry to record the accrued interest due at December 31. c. Prepare Major's journal entry to record the payment of the note on March 1 of the next year. Maximum number of characters (including HTML tags added by text editor): 32,000 Show Rich-Text Editor (and character count) MacBook Air