E$9-2$ Computing and Recording a Basket Purchase and Straight$-$Line Depreciation $[$LO$9-2,$ LO$9-3]$Brigadoon Consulting bought a building and the land on which it is located for $$179,000$ cash. The land is estimated to represent $70$ percent of the purchase price. The company paid $$19,000$ for building renovations before it was ready for use. Required:$1.$ The renovation costs should be capitalized. multiple choiceFalseTrue $2.$ 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.$)3.$ Compute straight$-$line depreciation on the building at the end of one year, assuming an estimated twelve$-$year useful life and a $$4,300$ estimated residual value. $4.$ What should be the book value of the land and building at the end of year $2?$