Instructions (a) Record the above transactions. (b) Determine the cost of the land, land improvements, and building that will appear on Weisman's December 31, 2017, balance sheet. TAKING IT FURTHER When should Weisman begin recording depreciation on this property and on which assets? ciation. P9-2BIn its first year of business, Solinger Company purchased land, a building, and equipment on November 5, 2016, for $700,000 in total. The land was valued at $262,500, the building at $337,500, and the equipment at $150,000. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Depreciation Method Building $15,000 Straight-line Equipment 15,000 8 Double diminishing-balance 60 Instructions ((a) Allocate the purchase cost of the land, building, and equipment to each of the assets. Solinger 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 2016 and 2017 assuming: 1. depreciation is calculated to the nearest month. 2. a half-year's depreciation is recorded in the year of acquisition