The Company opened three new stores on October 1, 2016. Total new store costs include $1,500,000 for land, $9,400,000 for buildings, $8,500,000 for equipment, and $3,200,000 fo furniture and fixtures. 3. 4. 5. 2016 client-recorded depreciation expense = $3,148,430. Below is the existing cost basis and accumulated depreciation information (not including the new assets). Existing Assets ACCUMULATED ASSET CATEGORY COST BASIS DEPRECIATION NET COST BASIS LAND 2,500,000 2,500,000 14,137,500 20 3,266,143 7 5 BUILDING EQUIPMENT FURNITURE/FIXTURES 8,259,650 $45,501,653 TOTAL 19,500,000 15,242,003 5,362,500 11,975,860 8,259,650 $25,598,010 2. 3. $19,903,643 USEFUL LIFE Required: 1. Using the information provided, using the straight-line method of depreciation, show all of the calculations, including subtotals, you have performed to determine an expected balance for depreciation expense for JKL Restaurant's Company's new and existing assets What is the dollar difference between the expected balance and the client-recorded deprecation balance? It has been determined that the level of precision to be used in the comparison between the expected and the client-recorded deprecation balance is 5% of the expected balance. Calculate the percent (%) difference between the expected and the client- recorded depreciation balance. Calculate this percent to four decimal points. For example, if your percentage calculation result is 0.11261 your answer to four decimal points is 11.26%. 4. Is your difference within the 5% precision level? Answer YES or NO.