On January 1, Year 1, Beth Company paid $34500 cash to purchase a equipment. The equipment was expected to have a five year useful life and an $2500 salvage value. If Beth uses the double declining balance method, the book value at the end of Year 1 is s QUESTION 5 Bridge City Consulting bought a building and the land on which it is located for $364000cash. The building is estimated to represent 22 percent of the purchase price. The company paid $70690 for building renovations before it was ret.dy for use. When preparing the joumal entry to record all expenditures related to the purchase and renovation, the debit to land would be