P9-2B In its first year of business, Solinger Company purchased land, a building, and equipment on November 5, 2016, for $700,000 in total. The land was valued at $262,500, the building at $337,500, and the equipment ut $150,000. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Depreciation Method Building $15,000 60 Straight-line Equipment 15,000 Double diminishing-balance