Required Information The following information applies to the questions displayed below.) Bildge City Consulting bought a building and the land on which it is located for $165,000 cash. The land is estimated to represent 50 percent of the purchase price. The company paid $30,000 for building renovations before it was ready for 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 o 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 $165,000 cash. The land is estimated to represent 50 percent of the purchase price. The company paid $30,000 for building renovations before it was ready for use 3. Compute stralghtline depreciation on the building at the end of one year, assuming an estimated 10 year useful life and a $19,50 estimated residual value (Do not round intermediate calculations.) 4. What should be the book value of the land and (b) the building at the end of year 2 B Straight Line Doprociation (0) Land (b) Building