Pointer Company buys a piece of property in north Toronto that has the following costs associated with the purchase: Invoice price for land and building =$302,000 Legal fees associated with the purchase =$12,000 Unpaid property taxes assumed by Pointer as part of the purchase agreement =$28,000 Cost of having property professionally appraised =$10,200 The appraisal report shows the building has an appraised market value of $400,000 and the land has an appraised value of $100,000. Required 1: What amount should be capitalized as the value of the land on Pointer's book? \$ Required 2: What amount should be capitalized as the value of the building on Pointer's book? \$ Required 3: If the property acquired will be depreciated in 40 years with no residual value (assume the straight-line depreciation is used), what is the depreciation expense for the first full year of use? \$