Solved: What is depreciation on the building, Accounting Standards

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What is depreciation on the building

Change in estimate; useful life of equipment

Response to the following problem:

At the beginning of 2014, Robotics Inc. acquired a manufacturing facility for $12 million. $9 million of the purchase price was allocated to the building. Depreciation for 2014 and 2015 was calculated using the straight-line method, a 25-year useful life, and a $1 million residual value. In 2016, the estimates of useful life and residual value were changed to 20 years and $500,000, respectively.

What is depreciation on the building for 2016?

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Accounting Standards: What is depreciation on the building

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Accounting Standards: What is depreciation on the building

Reference No:- TGS02093697

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