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Required information [The following information applies to the questions displayed below.] Bridge City Consulting bought a bullding and the land on which it is iocated

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Required information [The following information applies to the questions displayed below.] Bridge City Consulting bought a bullding and the land on which it is iocated for $195.000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $20.000 for bulding renovations before it was ready for use. Required: 2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information [The following information applies to the questions displayed below] Bridge City Consulting bought a building and the land on which it is located for $195,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $20.000 for building renovations before it was ready for use. 3. Compute straight-line depreciation on the building at the end of one yeac, assuming an estimoted 10-year useful life and a $21,500 estimated residual value. (Do not round intermediate calculations.) 4. What should be the book value of (a) the land and (b) the bullding at the end of year 2

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