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Required information

E$8-3($Algo$)$ Computing and Recording Cost and Depreciation of Assets $($Straight$-$Line Depreciation$)$ LO$8-$

$2,8-3$

$[$The following information applies to the questions displayed below.$]$

Shahia Company bought a building for $$79,000$ cash and the land on which it was located for $$109,000$ cash. The

company paid transfer costs of $$17,000($ $$7,000$ for the building and $$10,000$ for the land$).$ Renovation costs on the

building before it could be used were $$18,000.$

E$8-3$ Part $3$

Determine the net book value of the property $($land and building$)$ at the end of year $2.$

Note: Amounts to be deducted should be indicated by a minus sign.