P-2A In its first year of business, ChalkBoard purchased land, a building, and equipment on March $. 201 for $650,000 in total. The land was valued at $275,000, the building at $343,750, and the equipment at Additional information on the depreciable assets follows: l depreciation and on which assets $68,750. partial period depreciation. (LO 1, 2) AP Asset Residual Value Useful Life in Years Depreciation Miethod Building Equipment $25,000 60 Straight-line Double diminishing-balance 5,000 Instructions a) Allocate the purchase cost of the land, building, and equipment to each of the assets. b) ChalkBoard 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 I. depreciation is calculated to the nearest month. a half-year'sd ch policy should ChalkBoad flow in the year of acqusitiom recording depreciation to the nearest month or recording a half year of depreciation? d M half years depreciation is recorded in the year of acquistion NO IT EURTHER In the year the aset is purchased, should Chalik Board record dprccation for the cact of days the asset is owned? Why or why not sumber of