Question
At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.4 million. $10.4 million of the purchase price was allocated to the building.
At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.4 million. $10.4 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $2.4 million residual value. In 2024, the company switched to the double-declining-balance depreciation method.
What is depreciation on the building for 2024?
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
