a) Calculate the cost that should be allocated to each asset purchased.

b) Record the purchase of the real estate.

c) Calculate the annual depreciation expense for the building And land improvements assuming Sheridan company using straight line depreciation

Question 12 Sheridan Company purchased real estate for $1.170,000, which included $4,100 in legal foes. It paid $241,000 cash and incurred a mortgage payable for the balance. The real estate Induded land that was appraised at $483,120, a building appraised at $738,100, and fences and other land improvements appraised at $120,780. The building has an estimated useful life of 60 years and a $51,000 residual value. Land improvements have an estimated 15-year useful life and no residual value. (a) Calculate the cost that should be allocated to each asset purchased. (Round percentage of total to 2 decimal places, c.9. 52.65% and final answers to decimal places, e.g. 5,275.) Land Building $ Land Improvements