Shahia Company bought a building for $86,000 cash and the land on which it was located for $113,000 cash. The company paid transfer costs of $11,000 ($7,000 for the building and $4,000 for the land). Renovation costs on the building before it could be used were $20,000. Record the purchase of property, including all expenditures, paid with cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $8,000 estimated residual value. Straight-line depreciation 3. What would be the net book value of the property (land and building) at the end of year 2? (Amounts to be deducted should be indicated by a minus sign.) Net book value of property at end of Year 2 Net book value $ 0