When a business acquires an asset (such as a building and the underlying land) by an outright purchase (as discussed, the most common way of acquiring an asset); the business entity should reflect the cost basis of the business property acquired on its financial statements (prepared in accordance with Generally Accepted Accounting Principles) and its internal books and records as: A. The amount of capital invested in the asset. B. The amount of debt borrowed to purchase the asset. C. The amount of additional contributions used to repay the borrowed debt. D. A and B only. E. All of the above. A. The amount of capital invested in the asset. B. The amount of debt borrowed to purchase the asset. C. The amount of additional contributions used to repay the borrowed debt. D. A and B only. E. All of the above.