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Office Space (acct # 15500) - $ 70,000 (10 years tax life) Land (acct #16900) - $ 30,000 (10 years tax life) The Building and Land payments are to

Office Space (acct # 15500) - $ 70,000 (10 years tax life)
Land (acct #16900) - $ 30,000 (10 years tax life)

The Building and Land payments are to the same company. A total of $12,000 was due at signing. The remaining is put on a note payable to Star Financial Bank (Edit Acct 27100). The note is to be repaid monthly and has an 8% compounding interest rate. Each monthly payment is $840.98.They can be paid in one lump sum. They were listed separately for your convenience. This is a 15 year note.
Land doesn't show depreciation.

This question was asked on May 02, 2010.

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