19.) Company ABC purchased Land and a Building for a total cost of $150,000. The Land makes up 65% of the total cost, the company also spent $2,000 on legal fees and $5,000 on appraisal fees for the building.

Using the question above: under straight line depreciation the buildings useful life is 12 years, while its full life is 15 years. The building also has a residual value of $10,000, what would be the book value of the asset after 3 years?

A.) 12,375

B.) 4,125

C.) 55,375

D.) 47,125

19.) Company ABC purchased Land and a Building for a total cost of $150,000. The Land makes up 65% of the total cost, the company also spent $2,000 on legal fees and $5,000 on appraisal fees for the building. What is the proper journal entry to record all expenditures? Assume all transactions are for cash and they occurred at the start of the year. A.) No journal entry required. 20.) Using the question above: under straight line depreciation the buildings useful life is 12 years, while its full life is 15 years. The building also has a residual value of $10,000, what would be the book value of the asset after 3 years? A.) 12,375 B.) 4,125 C.) 55,375 D.) 47,125