Please help me with all answers and calculation thanku Required information(The following information applies to the questions displayed below]Shahia Company bought a building for $90,000 cash and the land on which it was located for $122,000 cash. Thecompany paid transfer costs of $12,000 ($5,000 for the building and $7,000 for the land). Renovation costs on the buildingbefore it could be used were $21,000.2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $5,000 estimatedresidual value.Sanght line depreciationNoASRequired information[The following information applies to the questions displayed below.]View transaction listShahia Company bought a building for $90,000 cash and the land on which it was located for $122,000 cash. Thecompany paid transfer costs of $12,000 ($5,000 for the building and $7,000 for the land). Renovation costs on the buildingbefore it could be used were $21,000.11100Required:1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactionswere for cash and that all purchases occurred at the start of the year. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field.)Transaction1CView journal entry worksheetBuildingLandCashGeneral JournalDebit116,000129,000Credit245,000X [The following information applies to the questions displayed below.]Shahia Company bought a building for $90,000 cash and the land on which it was located for $122,000 cash. Thecompany paid transfer costs of $12,000 ($5,000 for the building and $7,000 for the land). Renovation costs on the buildingbefore it could be used were $21,000.3. What would be the net book value of the property (land and building) at the end of year 2? (Amounts to be deducted should beindicated by a minus sign.)Net book value of property at end of Year 2Net book value$0

Working Note : Formula Straight Line Depreciation = (Cost of asset - Residual value) / Estimated…

Required information [The following information applies to the questions displayed below] Shahia Company bought a building for $90,000 cash and the land on which it was located for $122,000 cash. The company paid transfer costs of $12,000 ($5,000 for the building and $7,000 for the land). Renovation costs on the building before it could be used were $21,000. 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $5,000 estimated residual value. Singhttine depreciation 11100

Required information [The following information applies to the questions displayed below] Shahia Company bought a building for $90,000 cash and the land on which it was located for $122,000 cash. The company paid transfer costs of $12,000 ($5,000 for the building and $7,000 for the land). Renovation costs on the building before it could be used were $21,000. 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $5,000 estimated residual value. Singhttine depreciation 11100

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 3RE: Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is...

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