Allocation of office building cost :
Land = 1100000*429306/1008520 = 468247
Building = 1100000*579214/1008520 = 631753
2) Straight line depreciation expense = (12200-1200)/5 =2200 per year
2011 dep = 2200
2012 dep = 2200
Accumlated dep at the end of 2012 = 2200*2 = 4400
Book value at the end of 2012 = 12200-4400 = 7800
LECT/PT 15-2018/SPRINGIADP Week 4: Assets and Statement Analysis / Chapter 11 Quiz Quiz 60 Brielle Phan,...
Due Mon 11/18/2019 5:00 Brielle Phan, Attorney at Law purchased an office building with the accompanying land for $1,250,000. The latest tax assessment records value this property as follows: Land at $420,952 and Building at $578,021. How will Brielle allocate the cost of this property on the books of her law firm? Round percents to two decimal places. For example, 0.453278 would be 45.3396 when the percent is rounded to two decimal places. Round final answer to the nearest dollar....