Wildhorse Equipment Ltd wanted to expand into New Brunswick and was impressed by the provincial government\'s grant program

or new industry. Once it was sure that it would qualify for the grant program, it purchased property in downtown Saint John on June

The property cost $ and Wildhorse spent the next two months gutting the building and reconstructing the two

loors to meet the companys needs. The building has a useful life of years and an estimated residual value of $ In late

August the company moved into the building and began operations. Additional information follows:

The property was assessed at $ with $ allocated to the land.

Architectural drawings and engineering fees related to the construction cost $

The company paid $ to the contractor for gutting the building and $ for construction. Wildhorse expects that

these improvements will last for the remainder of the life of the building.

The provincial government contributed $ toward the building costs.

a

Assuming that the company uses the cost reduction method to account for government assistance, answer the following: Do not

round intermediate calculations. Round final answers to O decimal places, eg

What is the cost of the building on Wildhorse\'s statement of financial position at August its fiscal year end?

Costof building ~~ $ Whatisthe effect of this capital asset on the companys income statement for the companys year ended August

Neteffectonincome statement ~~ $Assuming the company uses the deferral method to account for government assistance, answer the following: Do not round

intermediate calculations. Round final answers to O decimal places, eg

Whatis the cost of the building on Wildhorse\'s statement of financial position at August

Costof building ~~ $

Whatis the effect of this capital asset on the company\'s income statement for the companys year ended August