Pointer Compeny buys a piece of property in north Toronto that has the following costs associated with the purchase Invoice price for land and building =$317,000 Legal fees associated with the purchase $,12,000 Unpaid property takes assumed by Pointer as part of the purchase agreement = $28.000 Cost of having property professionally appraised =$11,700 The apprasal report shows the bulding has an approtsed market value of $400000 and the land has an appratsed volue of 5100000 Required 1 What amount should be capitaized os the value of the land on Pointer's book? 5 Required 2. What amount should be capitalized as the value of the building on Pointers book? $ Required 3 if the property acquired will be depreciated in 40 years with no residual value Cossume the straight-ine depreciauon is used), what is the depreciation expense for the first full year of use? $