E8-4 Computing and Recording Cost and Depreciation of Assets in a Basket Purchase (Straight-Line Depreciation) LO8-2, 8-3 Zeldler Company bought a building and the land on which the bullding is located for a total cash price of $178,500. The company paid transfer costs of $2,100. Renovation costs on the building were $20,780. An independent appraiser provided morket values for the land, $120.000, and building. $280.000 before renovation. Required: 1. Apportion the cost of the property on the basis of the appraised values. (input all amounts as positive values.) 2. Prepare the joumal entry to record the purchase of the building and fand, including all expenditures. Assume that all transactions were for cash and that all purchases 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.) Journal entry worksheet Record purchase of building and land. Niute Eater debita before ordits. 3. Compute depreciation of the bulling at the end of one yeat, using the straight-line method. Assume an estimated useful life of I1 years and an estimated residual value of $14,100 4. What would be the carrying amount of the property (building and land) of the end of year 2