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 $=$ $$300,500$

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 $=$ $$10,050$

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? $