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 $183,500. The company pard transfer costs of $3,100. Renovation costs on the bullding were $14,320. An Independent appraiser provided market values for the land, $220,000, and bullding, $880,000 before renovation. Required: 1. Apportion the cost of the property on the basis of the appralsed values. (Input all amounts as positive values.) 2. Prepare the journal entry to record the purchase of the bullding and land, 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 requlred for a transaction/event, select "No Journal entry required" In the first account fleld.) Journal entry worksheet Record purchase of building and land. Note: Enter debits before credits. 3. Compute depreclation of the bullding at the end of one year, using the straight-IIne method. Assume an estimated useful life of 11 years and an estimated residual value of $15,100. 4. What would be the carrylng amount of the property (bullding and land) at the end of year 2