On January 1, 2023, Tsaab Inc. purchases land and a building for a lump sum purchase price of $800,000 cash. The appraised value of the land is $250,000 and the appraised value of the building is $750,000. Express the percentages as whole numbers with the % sign. For -0- or zero, write out the word zero Allocate the lump sum purchase price among the two assets. Prepare the journal entry to record the lump sum purchase DR: Land DR: Building CR: Cash Tsaab expects to use the land and building in operations to generate revenue for 20 years, at which time they estimate the building will be worth $0 and the land will be worth $550,000. Building has zero salvage value. Using the straight line method, what is the annual depreciation expense on the building? Prepare the journal entry to record one year's depreciation? DR: Depreciation Expense CR: Accumulated Depreciation What is the Net Book Value of the Building as of January 1, 2024 What is the Net Book Value of the Land as of January 1,2024