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In its first year of business, Coronado purchased land, a building, and equipment on March...

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Accounting

In its first year of business, Coronado purchased land, a building, and equipment on March 5,2023, for $588,000 in total. The land was
valued at $262,500, the building at $312,500, and the equipment at $50,000. Additional information on the depreciable assets
follows:
(a)
Gour answer is incorrect.
Allocate the purchase cost of the land, building, and equipment to each of the assets.
Land
Building
Equipment
(B)
Coronado has a December 31 fiscal year end and is trying to decide how to calculatedepreciation for assets purchased during the year.
Calculate depreciation expense for the building and equipment for 2023 and 2024 assumingdepreciation is calculated to the nearest month. (Round answersto 0 decimal places, e.g.5,275.)
(c)
Which policy should Coronado follow in the year of acquisition: recording depreciation to thenearest month or recording a half year of depreciation?
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