FULL SCREEN PRINTER VERSION BACK Question 12 Sheridan Company purchased real estate for $1,170,000, which included 54,100 in legal fees. It paid $241,000 cash and incurred a mortgage payable for the balance. The real estate induded land that was appraised at $483,120, a building appraised at 3738,100, and fences and other and improvements appraised at $120,780. The building has an estimated use ite of 60 years and a $51,000 residual value. Land improvements have an estimated 15-year useful life and no residual value (a) Your answer is correct. Calculate the cost that should be allocated to each asset purchased. (Round percentage of total to 2 decimal places, s. 52.656 and final answer to delimat pain og 2.278) Attempts: 2 of 10 (b) Your answer is correct. Record the purchase of the real estate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no ar Entry for the account titles and enter o for the amounts. Round answers to decimal places, e.g. 5,275.) (c) x Your answer is incorrect. Try again. Calculate the annual depreciation expense for the building and land improvements assuming Sheridan Company uses straight-line depreciation. (Round answers Annual Depreciation Expense Building 6195 Land Improvements 7045