Shahia Company bought a building for $85,000 cash and the land on which it was located...

 

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Shahia Company bought a building for $85,000 cash and the land on which it was located for $119,000 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 $27,000. E8-3 Part 3 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. Shahia Company bought a building for $85,000 cash and the land on which it was located for $119,000 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 $27,000. E8-3 Part 3 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.