In its first year of business, Coronado purchased land, a building, and equipment on March $5,2023,$ for $$588,000$ in total. The land was

valued at $$262,500,$ the building at $$312,500,$ and the equipment at $$50,000.$ Additional information on the depreciable assets

follows:

$($a$)$

Gour answer is incorrect.

Allocate the purchase cost of the land, building, and equipment to each of the assets.

Land

Building

Equipment

$($B$)$

Coronado has a December $31$ fiscal year end and is trying to decide how to calculatedepreciation for assets purchased during the year.

Calculate depreciation expense for the building and equipment for $2023$ and $2024$ assumingdepreciation is calculated to the nearest month. $($Round answersto $0$ decimal places, e$.$g$.5,275.)$

$($c$)$

Which policy should Coronado follow in the year of acquisition: recording depreciation to thenearest month or recording a half year of depreciation?