Classex company has a building that they originally purchased on October 1st 2016 for $800,000 cash. At the time of purchase they also paid $50,000 for sales taxes, $50,000 for 3 years of insurance costs, $12,000 in legal fees for the purchase of the building, $25,000 on pavement to put in new parking lots, $9,000 to put up new fencing around the property, $15,000 in real estate brokerage fees for the purchase of the building, and $26,000 to replace the roof on building to get it ready for use. The company has a December 31 year-end. The building is expected to be used for 20 years with an expected salvage value of $100,000. Required (8 marks)