Revision of Depreciation -
A warehouse with a cost of $624,300 has an estimated residual value of $56,800, has an estimated useful life of 25 years, and is depreciated by the straight-line method.
a. Determine the amount of the annual depreciation.
b. Determine the book value after 13 full years of use.
c. Assuming that at the start of year 14 the remaining life is estimated to be 17 years and the residual value is estimated to be $45,300, determine the depreciation expense for each of the remaining 17 years.