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Novak Corp. acquired a property on September 1 5 , 2 0 2 3 , for $ 3 1 0 , 0 0 0 ,

Novak Corp. acquired a property on September 15,2023, for $310,000, paying $3,400 in transfer taxes and a $2,000 real estate fee.
Based on the provincial assessment information, 75% of the property's value was related to the building and 25% to the land. It is
estimated that the building, with proper maintenance, will last for 20 years, at which time it will be torn down and have zero salvage
value. Novak, however, expects to use it for 10 years only, as it is not expected to suit the companys purposes after that. The company
should be able to sell the property for $171,000 at that time, with $42,000 of this amount being for the land. Novak prepares financial
statements in accordance with IFRS. a)Assuming a December 31 year end, identify the depreciation expense for 2024, assuming the double-declining-balance method. b)Assuming a December 31 year end, identify the building's carrying amount at December 31,2024, assuming the double-declining-
balance method. (Do not round intermediate calculation and round answer to O decimal places, e.g.5,275.)
Building's carrying amount $......... c)Assuming a December 31 year end, identify the depreciation expense for 2023, assuming the straight-line method and assuming
Novak prepares financial statements in accordance with ASPE. (Do not round intermediate calculation and round answer to O decimal
places, e.g.5,275.)
Depreciation expense 2023 $

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