accumulated depression - is it right or wrong?

hahia Company bought a building for $76,000 cash and the land on which it was located for $107,000 cash. The company paid transfer costs of $18,000 ($5,000 for the building and $13,000 for the land). Renovation costs on the building before it could be used were $25,000.

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.)

2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $16,000 estimated residual value.

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.)

Return Required information [The following information applies to the questions displayed below.) Shahia Company bought a building for $76,000 cash and the land on which it was located for $107000 cash. The company paid transfer costs of $18,000 ($5,000 for the building and $13,000 for the land). Renovation costs on the building before it could be used were $25,000. 3. What would be the net book value of the property (and and building) at the end of year 2? (Amounts to be deducted sho Indicated by a minus sign.) Answer is complete but not entirely correct. Net book value of property at end of Year 2 Land $ 120,000 Building 106,000 Accumulated depreciation (21,200) Net book value $ 204,800