Blue Spruce Corp. acquired a property on September 15, 2020, for $320,000, paying $2,900 in transfer taxes and a $2,600 real estate fee. Based on the provincial assessment information, 75% of the propertys 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. Blue Spruce, 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 $185,000 at that time, with $48,000 of this amount being for the land. Blue Spruce prepares financial statements in accordance with IFRS. Depreciation expense should be calculated to the nearest half month.

Your answer is correct. Assuming a December 31 year end, identify the building's cost. Cost of the building 244125 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Your answer is correct. Assuming a December 31 year end, identify the building's depreciable amount. Depreciable amount 107125 Your answer is correct. Assuming a December 31 year end, identify the building's useful life. Building's useful life 10 years SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Your answer is correct. Assuming a December 31 year end, identify the depreciation expense for 2020, assuming the straight-line method. 5,275.) Depreciation expense for 2020 3124 Assuming a December 31 year end, identify the depreciation expense for 2021, assuming the double-declining-balance method. places, e.g. 5,275.) Depreciation expense for 2021 25802 X Your answer is incorrect. Try again. Assuming a December 31 year end, identify the building's carrying amount at December 31, 2021, assuming the double-declining-balance method. to 0 decimal places, e.g. 5,275.) Building's carrying amount 103206 Assuming a December 31 year end, identify the depreciation expense for 2020, assuming the straight-line method and assuming Blue Spruce prepares financial statements in accordance with ASPE. round intermediate calculation and round answer to 0 decimal places, e.g. 5,275.) Depreciation expense 2020 1998