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 $180,000 cash. The land is estimated to represent 70 percent of the purchase price. The company pald $10,000 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.) Journal entry worksheet 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. 3. Compute straight-line depreciation on the bullding at the end of one year, assuming an estimated 10 -year useful life and a $10,000 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 yeat 2 ? 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 $180,000 cash. The land is estimated to represent 70 percent of the purchase price. The company pald $10,000 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.) Journal entry worksheet 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. 3. Compute straight-line depreciation on the bullding at the end of one year, assuming an estimated 10 -year useful life and a $10,000 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 yeat 2