p9-2A In its first year of business ChalkBoard purchased land,a building, and equipment on March 5,2016, Allocate fr $50,000 in total. The land was valued 0, he uilding at $343750, and the equipment at 568,75.P Additional information on the depreciable assets follows (LO 1, 2 Asset Residual Value $25,000 Useful Life in Years 60 Depreciation Method Straight-line Double diminishing-balance Building Equipment 5,000 Instructions a) Allocate the purchase cost of the land,building, andequipment to each of the asets b) ChalkBoard has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. Clculate depreciaton expense for the building and equipment for 2016 and 2017 assuming , depreciation is calculated to the nearest month. a half year's depreciation is recorded in the year of acquisition. Which policy should ChalkBoard follow in the year of acquisition: recording depreciation to the nearest month or recording a half year of depreciation