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A company purchased property for a building site. The costs associated with the property were:

Purchase price: $175,000
Real Estate commissions: $15,000
Legal Fees: $800
Expenses of clearing the land: $2,000
Expenses to remove old building: $1,000

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?

 

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