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A building was purchased for $370,000 and depreciated using the straight-line basis under the assumption it would have a twenty-year life and a $10,000 salvage
A building was purchased for $370,000 and depreciated using the straight-line basis under the assumption it would have a twenty-year life and a $10,000 salvage value. At the beginning of the buildings eleventh year, it was determined the building had only eight years of remaining life instead of ten, and that at the end of the remaining eight years its salvage value would be $16,000. What amount of depreciation should be recorded in each of the buildings remaining eight years?
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