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Sizemore Industries purchased a building for $125,000 cash and the land that it was located on for $85,000. The company paid legal fees and transfer costs for the transaction totaling $10,000 ($7,000 for the building and $3,000 for the land). The company also needed to invest in renovations for the building totaling $30,000.
A) Prepare the journal entry to record the purchase of the property. Assume 10% of the expenditures were made in cash and 90% thru a mortgage note.
B) Calculate the straight line depreciation at the end of year 1, assuming a 10 year Useful life and a $15,000 residual value
C) What is the net book value of the property (both land and building) at the end of year 1?
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