Orlando, Inc. purchased a piece of land with a new building on January 1, 2006. The land was valued at $20,000 and the building was valued at $140,000 with a 40-year life and a zero salvage (residual) value. How would the land and building appear in the plant, property and equipment section of the December 31, 2006, balance sheet? A) Land and building at 160,000. B) Land at 20,000; Building at 140,000. C) Land at 20,000; Building at 140,000 less accumulated depreciation of 3,500 D) Land at 20,000 less accumulated depreciation of 500; Building at 140,000 less accumulated depreciation of 3,500. E) None of the above is correct