Transcribed image text : HEMI purchased land and building for $280 , 000 , 000 on September 1, 2019. Accountant recorded this amount in the Land general ledger account because he did not know how to allocate the costs between land and building. Your research indicates that similar land could be purchased for $80 , 000 , 000 and the building was appraised at 240 , 000 , 000 for insurance purposes. HEMI's management purchased the building knowing that it needed improvements of $3 , 000 , 000 to make it usable for HEMl ? needs. Accountant recorded these improvements in the Repairs and Maintenance expense general ledger account. Management expects to sell the land for $200 , 000 , 000 and building for 20 , 000 , 000 at the end of its useful life of 20 years. HEMI's management want to use the cost method of valuing capital assets in order to save on the costs of appraising capital assets. The Accountant wants you to: a. Allocate the $280 , 000 , 000 cost between land and building (show your calculations). Provide an adjusting journal entry to transfer the building costs to the proper account. b. Recommend, with justification, the appropriate accounting treatment for the $3 , 000 , 000 of building improvement costs. Provide an adjusting journal entry, if any, to properly account for the building improvement costs. c. Recommend, with justification, the appropriate depreciation method for building. Compute the depreciation expense for the year-ended December 31, 2019 ? ? showing your calculations. Provide a depreciation expense adjusting journal entry.|