Computing and Recording a Basket Purchase and Straight-Line Depreciation [LO 9-2, LO 9-3] Bridge City Consulting bought a building and the land on which it is located for $205,000 cash. The land is estimated to represent 50 percent of the purchase price. The company paid $10,000 for building renovations before it was ready for use. Required: 2. Prepare the journal entry to record all expenditures. Assume that all 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.) Compute straight-line depreciation on the building at the end of one year, assuming an estimated 10-year useful life and a $21,500 estimated residual value. What should be the book value of the land and building at the end of year 2