K-Delta Company bought a building for $71,000 cash and the land on which it was located for $107,000 cash. The company paid transfer costs of $9,000 ( $3,000 for the building and $6,000 for the land). Renovation costs on the building were $23,000. a. Record the purchase of the property, including all expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year. b. Calculate straight-line depreciation at the end of Year 1, assuming an estimated 10year useful life and a $15,000 estimated residual value. c. Calculate net book value of the property (land and building) at the end of Year 2