Lawrence's Company operates a real estate abstract, title, and insurance company. Below are selected transactions and events that occurred during the years 201 to 20X4. Using those transactions and events, follow the instructions given. TRANSACTIONS AND EVENTS 201 AND 202 The company purchased a building site for $230,600 on August 2,201. Preparation for construction began in October. Costs that were incurred other than land in 201 and 202 were: a. grading and preparing the site, $10,800. b. in late June 202, paving the sidewalks and parking lot, $19,950 (estimated life 15 years, no salvage value; straight-line depreciation to be used). c. fencing back of the property, $4,800, erected in same week building was completed (estimated life, 10 years; no salvage value; straight-line depreciation to be used). d. building construction contract costs $185,000, completed June 25,202 (estimated life, 35 years; salvage value, $6,000; straightline depreciation to be used). e. telephone system installed in the last week of June 20X2, $12,400 (estimated life, five years; estimated salvage value, $1,240; sumof-the-years'-digits depreciation method to be used). f. furniture and fixtures purchased in late June 202,$25,700 (estimated life, 10 years; estimated salvage value, $2,300; doubledeclining-balance method to be used). The company opened for business in the new building on July 5, 202. During the remainder of 202, the business grew at about the pace anticipated by the company's management when the project was planned. 203 AND 204 Lawrence's Company operates a real estate abstract, title, and insurance company. Below are selected transactions and events that occurred during the years 201 to 20X4. Using those transactions and events, follow the instructions given. TRANSACTIONS AND EVENTS 201 AND 202 The company purchased a building site for $230,600 on August 2,201. Preparation for construction began in October. Costs that were incurred other than land in 201 and 202 were: a. grading and preparing the site, $10,800. b. in late June 202, paving the sidewalks and parking lot, $19,950 (estimated life 15 years, no salvage value; straight-line depreciation to be used). c. fencing back of the property, $4,800, erected in same week building was completed (estimated life, 10 years; no salvage value; straight-line depreciation to be used). d. building construction contract costs $185,000, completed June 25,202 (estimated life, 35 years; salvage value, $6,000; straightline depreciation to be used). e. telephone system installed in the last week of June 20X2, $12,400 (estimated life, five years; estimated salvage value, $1,240; sumof-the-years'-digits depreciation method to be used). f. furniture and fixtures purchased in late June 202,$25,700 (estimated life, 10 years; estimated salvage value, $2,300; doubledeclining-balance method to be used). The company opened for business in the new building on July 5, 202. During the remainder of 202, the business grew at about the pace anticipated by the company's management when the project was planned. 203 AND 204