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E$9-2($Algo$)$ Computing and Recording a Basket Purchase and Straight$-$Line Depreciation $[$LO $9-2,$ LO $9-3]$

$[$The following information applies to the questions displayed below.$]$

Bridge City Consulting bought a building and the land on which it is located for $$200,000$ cash. The land is estimated to represent $60$ percent of the purchase price. The company paid $$30,000$ for building renovations before it was ready for use.

E$9-2($Algo$)$ Part $3$ and $4$

$3.$ Compute straight$-$line depreciation on the building at the end of one year, assuming an estimated $10-$year useful life and a $$23,000$ estimated residual value. $($Do not round intermediate calculations.$)$

$4.$ What should be the book value of $(a)$ the land and $(b)$ the building at the end of year $2?$

$\backslash$table$[[3.$ Straight$-$Line Depreciation$],[4($a$).$ Land$],[4($b$).$ Building$]]$