Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,995,000. Harding paid $560,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $592,000; Building, $1,760,000 and Equipment, $1,168,000. (Round percentages to two decimal places: ie .054 = 5%).What value will be recorded for the building?
A. $1,760,000
B. $235,000
C. $997,500
D. $280,000
Answer: C
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