10/31/21 Lump sum purchase land and building purchased Purchase price 600,000 Appraised Value Allocatalon Allocated cost Salvage Value Useful Lile Land 162,500 Building 487,500 30 years 650 000 1) What is annual depreciation on the Bullding? 2) What is monthly depreciation on the Bullding? 3) What is annual depreciation on the Land? 4) What is the journal entry to record one month depreciation? Four years after the date of purchase, you reevaluate and realize the building will only be able to be used to generate revenue for another 10 years. 5) How much depreciation has been booked in the first 4 years? 6) What is the remaining book value on the building? 7) What is the new annual depreciation on the building? .) What is the new monthly depreciation on the building? Five years after the original date of purchase, you sell the asset (land and building) for $500,000. 9) What is the balance in Accumulated Depreciation? 10) What is the Net Book Value of the Amet? 11) What is the gain or loss on the sale? 12) What is the journal entry to record the sale