Bridge City Consulting bought a building and the land on which it is located for $140,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $10,000 for building renovations before it was ready for use.
Compute straight-line depreciation on the building at the end of one year, assuming an estimated 10-year useful life and a $15,000 estimated residual value.?(Do not round intermediate calculations.)
What should be the book value of (a) the land and (b) the building at the end of year 2?
Cost of Land = 140,000 x 70% = $98,000
Cost of Building = 140,000 - 98000 = 42000 + 10,000 = $52000
Date Account Title
Jan1 Land A/c
(Recording of Purchase of...
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