Answer:
$116,000
Explanation:
The computation of the allocated cost of the land is shown below:
= Purchase value of property × office appraised value ÷ Total appraisal value
= $580,000 × $150,000 ÷ $750,000
= $116,000
The total appraisal value would be
= Appraisal value of office furniture + appraisal value of building + appraisal value of land
= $150,000 + $480,000 + $120,000
= $750,000