Leslie, Inc., followed the practice of depreciating its building on a straight-line basis. A building was purchased

Question:

Leslie, Inc., followed the practice of depreciating its building on a straight-line basis. A building was purchased in 2019 and had an estimated useful life of 25 years and a residual value of $20,000. The company’s depreciation expense for 2019 was $15,000 on the building. What was the original cost of the building?

a. $395,000

b. $500,000

c. $520,000

d. Cannot be determined from the information given.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-1259964947

10th edition

Authors: Robert Libby, Patricia Libby, Frank Hodge

Question Posted: