3 What would be the net book value of the property (land and building) at the end of year 2? (Amounts to be deducted should be indicated by a minus sign.) Building Accumulated depreciation and Net book value 0 Required 1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of property, including all expenditures, paid with cash Note: Enter debits before credits. General Journal Debit 126,000 115,000 Transaction Credit uilding and Cash 241,000 Record entry Clear entry Vlew general journal 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $9,000 estimated residual value. Straight-line depreciation 106,000