Shahia Company bought a building for $72,000 cash and the land on which it was located for $120,000 cash. The company paid transfer costs of $20,000 ($4,000 for the building and $16,000 for the land). Renovation costs on the building before it could be used were $31,000. 3. Determine the net book value of the property (land and building) at the end of year 2. Note: Amounts to be deducted should be indicated by a minus sign. Land Net book value of property at end of Year 2 $ Building Accumulated depreciation Net book value $ 85,600 21,400 136,000 243,000

Shahla Company bought a bullding for $72,000 cash and the land on which it was located for $120,000 cash. The company paid transfer costs of $20,000 ( $4,000 for the building and $16,000 for the land). Renovation costs on the building before it could be used were $31,000. 3. Determine the net book value of the property (land and building) at the end of year 2 . Note: Amounts to be deducted should be indicated by a minus sign