Required information E8-3 (Algo) Computing and Recording Cost and Depreciation of Assets (Straight-Line Depreciation) LON- 2, 8-3 [The following information applies to the questions displayed below.] Shahia Company bought a building for $89,000 cash and the land on which it was located for $112,000 cash. The company paid transfer costs of $10,000 ($7,000 for the building and $3,000 for the land). Renovation costs on the building before it could be used were $17,000. E8-3 Part 2 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $17,000 estimated residual value. Straight-line depreciation $ 9,800