Required information E8-3 (Algo) Computing and Recording Cost and Depreciation of Assets (Straight-Line Depreciation) LO8. 2, 8-3 The following information applies to the questions displayed below.) Shahia Company bought a building for $86,000 cash and the land on which it was located for $120,000 cash. The company paid transfer costs of $14,000 ($6,000 for the building and $8,000 for the land). Renovation costs on the building before it could be used were $25,000 E8-3 Part 3 3. What would be the net book value of the property (and and building) at the end of year 2? (Amounts to be deducted should be indicated by a minus sign.) 14,000 Net book value of property at end of Year 2 Building $ Accumulated depreciation Land 14.000 Net book value Required information E8-3 (Algo) Computing and Recording Cost and Depreciation of Assets (Straight-Line Depreciation) LO8. 2, 8-3 [The following information applies to the questions displayed below) Shahia Company bought a building for $86,000 cash and the land on which it was located for $120,000 cash The company paid transfer costs of $14,000 ($6,000 for the building and $8,000 for the land) Renovation costs on the building before it could be used were $25.000 E8-3 Part 2 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $15,000 estimated residual value Answer is complete and correct. Straight-line depreciation $ 10200