Sheridan Farms purchased real estate for $1,170,000, which included $4,100 in legal fees. It paid $241,000 cash and incurred a mortgage pryable for the balance. The real entate included land that was appraised at $483,120, a huilding appraised at $738,100, and fences and other land improvements appraised at $120,780. The building has an estimated useful life of 60 years and a $51,000 residual value. Land improvements have an estimoted 15 -year useful life and no residual value. (a) Your answer is correct. Calculate the cost that should be allocated to each asset purchased. Land 5 Building 5 Land Improvements $ eTextbook and Media List of Accounts (c) Calculate the annual depreciation expense for the building and land improvements assuming Sheridan Farms uses straight-line depreciation, (Round answers to O decimal places, e.g. 5.275.)