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Kirby Corporation bought a building and the land on which it is situated for a total cash price of $429,000. The company paid transfer costs to the lawyer of $5,000. Renovations done to the building totaled $52,000. The land and building were independently appraised at market values of $150,000 and $350,000 before the renovation respectively.
Required:
Problem a) Allocate the cost of the property on the basis of the appraised values. Ensure you show your calculations.
Problem b) Prepare the journal entry to record the purchase of the building and land, including all expenditures. Assume that half the transaction was for cash and the other half for a short-term note payable. All purchases occurred at the start of the fiscal year.
Problem c) Compute depreciation of the building at the end of year one, using the straight-line method. Assume an estimated useful life of 10 years and an estimated residual value of $32,000.
Problem d) What would be the carrying value of the property (building and land) at the end of year 3?
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