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A $2,000,000 building was acquired by Cubs Co on 10/1/17.The Sum-of-the- Years'-Digits method, using an estimated salvage value of $320,000 and useful life of 20
A $2,000,000 building was acquired by Cubs Co on 10/1/17.The Sum-of-the- Years'-Digits method, using an estimated salvage value of $320,000 and useful life of 20 years, was selected for depreciating the building. On 5/1/23, the building was sold at a $40,000 GAIN REQUIRED: 1) Determine the following: 5. a) amount of depreciation expense FYE 12/31/18. b) book value of the building at 12/31/20. c) balance of accumulated depreciation at 12/31/22. d) amount of depreciation expense FYE 12/31/23. e) book value of the building at the time of the sale (5/1/23) f) amount for which the building is sold
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