Nobells Ltd Purchased a Property That Included Both Land and a Building

Multiple Choice

Nobells Ltd purchased a property that included both land and a building for $570,000.The company hired an appraiser who has determined that the market value of the land is $380,000 and that of the building is $430,000.At what amount should the company record the cost of land?

A) $158,421
B) $66,667
C) $267,407
D) $285,000