Millburn Company Has Acquired a Property That Included Both Land

Multiple Choice

Millburn Company has acquired a property that included both land and a building for $530,000.The company hired an appraiser who has determined that the market value of the land is $320,000 and that of the building is $480,000.At what amount should the company record the cost of land? (Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar.)

A) $349,800
B) $128,000
C) $265,000
D) $212,000