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At the beginning of Year 1, a company acquired a manufacturing facility for $12.8 million. $9.8 million of the purchase price was allocated to
At the beginning of Year 1, a company acquired a manufacturing facility for $12.8 million. $9.8 million of the purchase price was allocated to the building. Depreciation for Year 1 and Year 2 was calculated using the straight-line method, a 25-year useful life, and a $1.8 million residual value. In Year 3, the estimates of useful life and residual value were changed to 20 total years and $580,000, respectively. What is depreciation on the building for Year 3? Note: Enter your answer in whole dollars rounded to the nearest whole number. Depreciation
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