Bridge City Consulting bought a building and the land on which it is located for $160,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $20,000 for building renovations before it was ready for use. rev: 08_01_2017_QC_CS-94789 Required: 2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) HintsReferenceseBook & Resources Hint #1 Check my work 4.value: 1.00 pointsRequired information 3. Compute straight-line depreciation on the building at the end of one year, assuming an estimated 10-year useful life and a $9,000 estimated residual value. (Do not round intermediate calculations.) 4. What should be the book value of (a) the land and (b) the building at the end of year 2?