E9-2 (Algo) Computing and Recording a Basket Purchase and Straight-Line Depreciation (LO 9-2. LO 9-3) [The following information applies to the questions displayed below] Bridge City Consulting bought a building and the land on which it is located for $115,000 cash The land is estimated to represent 50 percent of the purchase price. The company paid $8,000 for building renovations before it was ready for use A Record all expenditures for the land and buildings assuming all transactions were paid for with cash and occurred at the start of the year. Note: Enter debits before credits. General Journal Debit Transaction 1 Credit E9-2 (Algo) Part 3 and 4 3. Compute straightline depreciation on the building at the end of one year, assuming an estimated 10 year useful life and a 52,000 estimated residual value (Do not round intermediate calculations.) 4. What should be the book value of (a) the land and (b) the building at the end of year 2? 3 Straight-Line Depreciation 4a) Land 4) Building