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. 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.) View transaction list Journal entry worksheet A > Record all expenditures for the land and buildings assuming all transactions were paid for with cash and occurred at the start of the year. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 3. Compute straight-line depreciation on the building at the end of one year, assuming an estimated 10-year useful life and a $19,500 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? 3 Straight-Line Depreciation 4a) Land 4(b) Building