Ull Which assets? business, Chalkboard purchased land, a building, and equipment on March 5, 2016, Allocate cost and Caicu land was valued at $275,000, the building at $343.750. and the equipment at $68,750. partial period deprecia In its first year of busi 1000 in total. The lan al informatia Aseet formation on the depreciable assets follows: Residual Value $25,000 60 5,000 Useful Life in Years (LO 1,2) AP Building Equipment Depreciation Method Straight-line Double diminishing-balance Allocate the purchase Chalk Board has a Decemb purchased during the year. Cal assuming: urchase cost of the land, building, and equipment to each of the assets. December 31 fiscal year end and is trying to decide how to calculate depreciation for assets uring the year. Calculate depreciation expense for the building and equipment for 2016 and 2017 1 depreciation is calculated to the nearest month. 2. half-year's depreciation is recorded in the year of acquisition. which policy should ChalkBoard follow in the year of acquisition: recording depreciation to the nearest month or recording a half year of depreciation