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Shahia Company bought a building for $73,000 cash and the land on which it was located for $125,000cash. The company paid transfer costs of $11,000 ( $4,000 for the bullding and $7,000 for the land). Renovation costs on the building before it could be used were $27,000. required: Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions vere for cash and that all purchases occurred at the start of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of property, including all expenditures, paid with cash. Note: Enter debits before credits. Shahia Company bought a building for $73,000 cash and the land on which it was located for $125,000 cash. The company paid transfer costs of $11,000 ( $4,000 for the building and $7,000 for the land). Renovation costs on the building before it could be used were $27,000. 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10 -year useful life and a $18,000 estimated residual value. Shahia Company bought a building for $73,000 cash and the land on which it was located for $125,000 cash. The company paid transfer costs of $11,000 ( $4,000 for the building and $7,000 for the land). Renovation costs on the building before it could be used were $27,000. 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

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