1. On July 2, 2021, True Rock Corporation exchanged some of its common shares for a ks parcel of land on which a new warehouse would be constructed. Other information pertaining to the purchase of the land follows: 312,150 $ $ 82 Appraisal value of the land Fair value of True Rock Corporation's common shares (per share) Number of common shares given in exchange for the land 4,000 True Rock Corporation began the process of developing the land and constructing the building on July 2, 2021. The following costs were incurred (or proceeds received) in connection with this project: Amount Date July 2, 2021 July 15, 2021 9,365 21,851 July 17, 2021 Description Back taxes were paid on the land purchased. Received proceeds from the sale of scrap when an existing building on the land was removed from the site. Paid an architect to develop blueprints for the construction of the new building. Paid a local contractor to grade and fill the building site. Paid for an assessment by the city for a drainage system. $ $ 6,243 July 25, 2021 s 12,486 August 7, 2021 s 15,608 August 31, 2021 Paid a local contractor for the construction of the warehouse. $ 171,683 September 6, 2021 $ 6,243 Paid for the construction of a fence around the new warehouse. Paid for the construction of a parking lot next to the new warehouse. September 6, 2021 $ 18,729 Assume that the warehouse is available for use on September 1, 2021. Following is other information pertaining to the new warehouse building: Estimated useful life of building (in years) Estimated physical life of building (in years) Estimated residual value (at end of estimated useful life) $ 47,430 Estimated salvage value (at end of physical life) $ 23,715 ACCT 602 - Intermediate Accounting 1 Assignment #5 Chapters 10 & 11 Required: 1. Calculate the cost of the new warehouse building when construction is complete (4 marks). 2. Assume that True Rock Corporation follows IFRS and has a December 31 year end. Calculate depreciation expense on the warehouse building for the 2021 and 2022 years, using the straight-line method. (2 marks) 3. Assume that True Rock Corporation follows ASPE and has a December 31 year end. Calculate depreciation expense on the warehouse building for 1. On July 2, 2021, True Rock Corporation exchanged some of its common shares for a ks parcel of land on which a new warehouse would be constructed. Other information pertaining to the purchase of the land follows: 312,150 $ $ 82 Appraisal value of the land Fair value of True Rock Corporation's common shares (per share) Number of common shares given in exchange for the land 4,000 True Rock Corporation began the process of developing the land and constructing the building on July 2, 2021. The following costs were incurred (or proceeds received) in connection with this project: Amount Date July 2, 2021 July 15, 2021 9,365 21,851 July 17, 2021 Description Back taxes were paid on the land purchased. Received proceeds from the sale of scrap when an existing building on the land was removed from the site. Paid an architect to develop blueprints for the construction of the new building. Paid a local contractor to grade and fill the building site. Paid for an assessment by the city for a drainage system. $ $ 6,243 July 25, 2021 s 12,486 August 7, 2021 s 15,608 August 31, 2021 Paid a local contractor for the construction of the warehouse. $ 171,683 September 6, 2021 $ 6,243 Paid for the construction of a fence around the new warehouse. Paid for the construction of a parking lot next to the new warehouse. September 6, 2021 $ 18,729 Assume that the warehouse is available for use on September 1, 2021. Following is other information pertaining to the new warehouse building: Estimated useful life of building (in years) Estimated physical life of building (in years) Estimated residual value (at end of estimated useful life) $ 47,430 Estimated salvage value (at end of physical life) $ 23,715 ACCT 602 - Intermediate Accounting 1 Assignment #5 Chapters 10 & 11 Required: 1. Calculate the cost of the new warehouse building when construction is complete (4 marks). 2. Assume that True Rock Corporation follows IFRS and has a December 31 year end. Calculate depreciation expense on the warehouse building for the 2021 and 2022 years, using the straight-line method. (2 marks) 3. Assume that True Rock Corporation follows ASPE and has a December 31 year end. Calculate depreciation expense on the warehouse building for