E8-3 Computing and Recording Cost and Depreciation of Assets (Straight-Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] Shahia Company bought a building for $90,000 cash and the land on which it was located for $118,000 cash. The company paid transfer costs of $10,000 ($7,000 for the building and $3,000 for the land). Renovation costs on the building were $29,000. References E8-3 Part 1 Required: 1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions were for cash and that all purchases occurred is required for a transaction/event, select "No journal entry required" in the first account field.) the start of the year. (If no entry View transaction list Journal entry worksheet