Required information The following information applies to the questions displayed belowJ Eridge City Consulting bought a buliding and the land on which it is located for $185,000 cash. The land is 0 stimated to represent 60 percent of the purchase price. The company paid $15,000 for bulding renovations before it was ready for use Required: Prepare the joumal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the yeat. (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 o building and the land on which it is located for $185,000 cash. The land is estimated to represent 60 percent of the purchase price. The company paid $15,000 for building renovations before it was ready for use. 3. Compute straight-ine depreciation on the building at the end of one year, assuming on estimated 10 -year useful life and a $20,000 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