Homework: THE BALANCE SHEET AND STATEMENT OF CASH FLOWS 9 Save Score: 0 of 1 pt 5 of 12 (4 complete) HW Score: 18.48%, 2.22 of 12 p E6-30A (similar to) Question Help Public Electricity Company purchased land for $85,500 cash and a building for $484,500 cash. The company paid attorney fees of $20,000 associated with the purchase and allocated that cost to the building and the land based on the purchase price. Redesign costs on the building were $57,000. Use the accounting equation to record the purchase of the property, including all related expenditures. Assume that all transactions were for cash and that all purchases occurred at the beginning of the year. Requirements Use the accounting equation record the purchase of the property, including all related expenditures. Assume that all transactions were for cash and that all purchases occurred at the beginning of the year. Start by determining the formula and calculating the total cost of both assets. (Do not leave any cells blank. Enter a zero if necessary.) = Total cost of asset x Definition Building Land Requirements 1. Compute the annual straight-line depreciation, assuming a 25-year estimated useful life and a $17,000 estimated salvage value for the building. 2. What would the book value of the building be at the end of the third year? 3. What would the book value of the land be at the end of the third year? Print Done Choose from any list or enter any number in the input fields and then click Check