Return Required information E9-2 (Algo) Computing and Recording a Basket Purchase and Straight-Line Depreciation (LO 9-2, LO 9-3) (The following information applies to the questions displayed below) Bridge City Consulting bought a building and the land on which it is located for $160,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $20,000 for building renovations before it was ready for use E9-2 (Algo) Part 2 Required: 2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the year (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. Gonoral Journal No Transaction 1 Credit Land Buildings Cash DOO Debit 112.000 48,000 68,000 O Required information E9-2 (Algo) Computing and Recording a Basket Purchase and Straight-Line Depreciation (LO 9-2, LO 9-3) (The following information applies to the questions displayed below.) Bridge City Consulting bought a building and the land on which it is located for $160,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $20,000 for building renovations before it was ready for use E9-2 (Algo) Part 3 and 4 3. Compute straight-line depreciation on the building at the end of one year, assuming an estimated 10-year useful life and a $9,000 estimated residual value. (Do not round intermediate calculations.) 4. What should be the book value of (a) the land and (b) the building at the end of year 2? $243,100 3. Straight-Line Depreciation 4a). Land 4b). Building