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Brief Exercise 11-14 (Static) Change in estimate; useful life of equipment [LO11-5] At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for
Brief Exercise 11-14 (Static) Change in estimate; useful life of equipment [LO11-5] At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12 million. $9 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 $1 million residual value. In 2024, the estimates of useful life and residual value were changed to 20 total years and $500,000, respectively What is depreciation on the building for 2024? Note: Enter your answer in whole dollars rounded to the nearest whole number. Depreciation
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