Question $3$

On January $1,2024,$ Billy Bob Corporation made a basket purchase of land, a building, and furniture and fixtures. The total purchase price was $800,000.$ Billy Bob also paid $$30,000$ for title fees and $$40,000$ in legal fees related to the purchase. Appraised values at the time of the purchase were: land $$190,000$; building, $$617,500$; and equipment and fixtures, $$142,500.$ The company has a June $30$ year end.

Required:

Make the journal entry to record the purchase of the assets, with cost based on appraised values.

The building had an estimated useful life of $20$ years and residual value of $$30,000.$ Prepare the journal entry to record depreciation for $2024$ using the declining$-$balance method.

The equipment and fixtures are expected to have useful lives of $5$ years and no residual value. What is the amount of depreciation on the equipment and fixtures for $2024,$ assuming that Billy Bob uses the straight$-$line method of depreciation for such assets?

Based on the information in part $3,$ what is the book value of the furniture and fixtures at the $2024$ fiscal year end?