In its first year of bensiness, Chal Board purchased land, a bulding and equipment on March 5, 2020, for $650,000 in total. The land was valued at $275.000, the building at $343.750 and the equipment at $68,750. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Building $25,000 60 Equipment 5.000 Depreciation Method Straight line Double diminishing-balance Your a wer is incorrect Allocate the purchase cost of the land, building and equipment to each of the sets Land Buildings Equipment 5 e Textbook and Media Your answer is incorrect Chalkboard has a December 31 fiscal year end and is trying to decide how to calon depreciation for assets purchased during their Calculate deprecan expense for the building and equipment for 2020 and 2021 29ming depreciation and to the nearest month Round s to decimo places 5275 2020 2021 El 5 Eauments Chalkboard has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year Calculate depreciation expense for the building and equipment for 2020 and 2021 assuming a half year's depredation is recorded in the year of acquisition (Round answers to decimal ploos... 5.2753 Buildings Equipments eTextbook and Media Your answer is incorrect Which policy should ChalkBoard follow in the year of acquisition recording depreciation to the nearest month or recording a half year of depreciation? e Textbook and Media