E9-2 Computing and Recording a Basket Purchase and Straight-Line Depreciation (.02.L.03) Bridgadoon Consulting bought a building and the land on which is located for $180,000 cash. The land was estimated to represent 70 percent of the purchase price. The company paio $28.000 for bulang renovations before it was ready for use Required 1. The renovation costs should be capitalized, False OTO 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 antry is required for a transaction/event, select "No journal entry required in the first account field) View transactions Journal entry worksheet Record the expenditures at the start of the year. notesborot Debit Credit Transaction General Journal 1 View general Journal Clear entry Racord entry 3. Compute straight-line depreciation on the building at the end of one year, assuming an estimated twelve-year useful and a $5,200 estimated residual value Dapat 4. What should be the book value of the land and building at the end of year 2? Es we