37. A used building is purchased for $50,000.00 and moved onto the farm site. It cost $5,000.00 to move the building, $7,000.00 for site preparation, and $4,000.00 for labor before the building was ready for use. The cost of the building is a) $50,000.00 b) $66,000.00 c) $62,000.00 d) $55,000.00 38. Land and building were purchased for a total price of $275,000.00. The bank appraised the land at $180,000.00 and the building at $120,000.00. Using the appraisal values, the portion of the purchase price allocated to the building cost should be a) $110,000.00 b) $115,000.00 c) $120,000.00 d) $165,000.00 39. The cost of a building is $210,000.00 and is being depreciated using the straight-line method over an expected life of 30 years, with no salvage value. If the full amount of annual depreciation was claimed each year and accumulated depreciation is now $14,000.00, the building has been depreciated for a) 6 years b) 10 years c) 2 years d) 7 years 40. Which fixed asset does not depreciate? a. Machinery b. Equipment c. Vehicles d. Land