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.48 Audit the PP&E and Depreciation Schedule. Bart's Company has prepared the PP&E and depreciation schedule shown in Exhibit 8.48.1 EXHIBIT 8.48.1 PP&E and Depreciation Asset Cost (000s Begissing Added Ending Beginning Desoription Bance Sold Balance 10,000 30,000 7,714 Builing 1 Builing 2 Computer A Computer B 6,957 3,750 300 857 800 2800 50% 3,500 1,500 583 450 1,50 150 Auto 1 Auto 2 Tatal 8,515 8702 1092 3973 9,549 The following information is available (assume the beginning balance has been audited) The land was purchased eight years ago when building 1 was erected. The location was then remote but now is bordered by a major freeway. The appraised value of the land is $35 million. .Building 1 has an estimated useful life of 35 years and no residual value .Building 2 was built by a local contractor this year. It also has an estimated useful life of 35 years and no residual value. The company occupied it on May 1 this year Computer A system was purchased January 1 six years ago when the estimated useful life was eight years with no residual value. It was sold on May 1 for $500,000 Computer B system was placed in operation as soon as Computer A system was sold. It is estimated to be in use for six years with no residual value at the end The company estimated the useful life of the press at 20 years with no residual value Auto 1 was sold during the year for $1,000 .Auto 2 was purchased on July 1. The company expects to use it five years and then sell it for $2,000 .All depreciation is calculated on the straight-line method using months of service