Brigadoon Consulting bought a building and the land on which it is located for $182,000 cash. The land is estimated to represent 70 percent of the purchase price. The compary paid $22.000 for building renovations before it was ready for use (Note: The Home Depot, Inc, fiscal year 2018, ends at February 3, 2019 and Lowe's fiscal year 2018 ends at February 1, 2019) Required: 1. The renovation costs should be capitalized. Folse True 2. Prepare the joumal entry to record all expenditures. Assume that all transactions were for cash and they occurred of the start of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the expenditures at the start of the year. Note: Enter debits before credits. 3. Compute straight-line depreciation on the building at the end of one year, assuming an estimated twelve-year useful ife and a $4,600 estimated residual value. 4. What should be the book value of the land and building at the end of year 2