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Shahia Company bought a building for $88,000 and land for $111,000 cash. Transfer cost for $16,000 (split in half for land and building). Renovation cost for the building before it could be used were $15,000. **I need assistance caluculating the Net book value of property at the end of year 2**Determine the net book value of the property (land and building) at the end of year 2. Note: Amounts to be deducted should be indicated by a minus sign.

Shahia Company bought a building for $88,000 and land for $111,000 cash. Transfer cost for $16,000 (split in half for land and building). Renovation cost for the building before it could be used were $15,000. **I need assistance caluculating the Net book value of property at the end of year 2**Determine the net book value of the property (land and building) at the end of year 2. Note: Amounts to be deducted should be indicated by a minus sign.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Shahia Company bought a building for $88,000 and land for $111,000 cash. Transfer cost for $16,000 (split in half for land and building). Renovation cost for the building before it could be used were $15,000. **I need assistance caluculating the Net book value of property at the end of year 2** Determine the net book value of the property (land and building) at the end of year 2. Note: Amounts to be deducted should be indicated by a minus sign. 3. Determine the net book value of the property (land and building) at the end of year 2. Note: Amounts to be deducted should be indicated by a minus sign. Net book value of property at end of Year 2 Building Accumulated depreciation Land Net book value $ 0
Transcribed Image Text:Shahia Company bought a building for $88,000 and land for $111,000 cash. Transfer cost for $16,000 (split in half for land and building). Renovation cost for the building before it could be used were $15,000. **I need assistance caluculating the Net book value of property at the end of year 2** Determine the net book value of the property (land and building) at the end of year 2. Note: Amounts to be deducted should be indicated by a minus sign. 3. Determine the net book value of the property (land and building) at the end of year 2. Note: Amounts to be deducted should be indicated by a minus sign. Net book value of property at end of Year 2 Building Accumulated depreciation Land Net book value $ 0
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