Laramie Co. paid $1,700,000 for a purchase that included land, building, and office furniture. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately: Land, $414,000, Building, $864,000, and Office Furniture, $522,000. What is the cost that should be allocated to the land?
A. $295,780
B. $391,000
C. $482,029
D. $414,000
Answer: B
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