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 company 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 O False True 2. Prepare the journal entry to record all expenditures. Assume that al transactions were for cash and they 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.) View transaction Journal entry worksheet A > Record the expenditures at the start of the year. Note: Enter debts bore credits Transaction General Journal Dabit Credit Record entry Clear entry View general Journal 3. Compute straight line depreciation on the building at the end of one year, assuming an estimated twelve-year useful life and a $4,600 estimated residual value. Depreciation 4. What should be the book value of the land and building at the end of year 22 Book value