Q3: Depreciate the office building using the straight line method
The building has an estimated useful life of 30 years with a salvage value of $120,000
Record the depreciation expense for year 10 and prepare the partial balance sheet at the end of year 15
The company sold the building on June 30 Year 16 for $500,000. Prepare the journal entry to record the sale of the building
Purchase of an Office Building
Purchase price	300,000
Attorney's fees	10,000
Real estate agents fees	5,000
Renovation costs	80,000
closing costs	1,450
Title search	1,050
Accrued taxes	22,500
Total Acquisition cost	420,000