Allocate cost and calculate partial period depreciation. (10 1.2) AP 60 P9-20 In its first year of business, Solinger Company purchased land, a building, and equipment on November 5, 2016, for $700,000 in total. The land was valued at $262.500, the building at $337,500, and the equipntenta $150,000. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Depreciation Method Building $15,000 Straight-line Equipment 15,000 Double diminishing-balance Instructions (0) Allocate the purchase cost of the land, building, and equipment to each of the assets. (b) Solinger has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purch during the year. Calculate depreciation expense for the building and equipment for 2016 and 2017 assuming 1. depreciation is calculated to the nearest month. 2. a half-year's depreciation is recorded in the year of acquisition. (c) Which which policy should Solinger follow in the year recording a half year of depreciation? the year of acquisition: recording depreciation to the nearest month or