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Question - Oriole Company purchased real estate for $1,200,000, which included $4,200 in legal fees. It paid $240,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $475,300, a building appraised at $733,320, and fences and other land improvements appraised at $149,380. The building has an estimated useful life of 60 years and a $51,000 residual value. Land improvements have an estimated 15-year useful life and no residual value.
a) Calculate the cost that should be allocated to each asset purchased.
b) Record the purchase of the real estate.
c) Calculate the annual depreciation expense for the building and land improvements assuming Oriole Company uses straight-line depreciation.
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