10 YEAR USEFUL LIFE AND ESTIMATED $11000 RESIDUAL VALUE

Required information E8-3 (Algo) Computing and Recording Cost and Depreciation of Assets (Straight-Line Depreciation) LOB2, 8-3 [The following information applies to the questions displayed below] Shahia Company bought a buliling for $81,000 cash and the land on which it was located for $115,000 cash. The company paid transfer costs of $11,000 ( $4,000 for the building and $7,000 for the land). Renovation costs on the building before it could be used were $21,000. E8-3 Part 3 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