Exercise 11-7 (Static) Depreciation methods; partial periods; book values [LO11-2] On March 31, 2024, Susquehanna Insurance purchased an office building for $12,000,000. Based on their relative fair values, one-third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $1,200,000 and $700,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-decliningbalance method to depreciate all other depreciable assets. The estimated useful lives and residual values of these assets are as follows: Required: 1. Calculate depreciation for the years ended December 31,2024 and 2025. 2. What book values would be reported in the December 31,2025 , balance sheet (including land)? Complete this question by entering your answers in the tabs below. What book values would be reported in the December 31,2025 , balance sheet (including land)