Sheridan Manufacturing purchased a new building with the surrounding land. The price paid was $2,400,000, including the commission charged on the sale. An appraisal of the land and building at the time of purchase indicated that the market value of the land was $2,000,000 and the market value of the building was $1,000,000. What amounts would be recorded for the purchase of the two assets?
A. Land $1,600,000, Building $800,000
B. Land $1,400,000, Building $1,000,000
C. Land $2,000,000, Building $400,000
D. Land $2,000,000, Building $1,000,000
Answer: A
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