Buffalo Limited constructed a building at a cost of $3.1 million and has occupied it since January 2000. It was estimated at that time that its life would be 40 years, with no residual value. In January 2020, a new roof was installed at a cost of $450,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $265,000 and was capitalized in the Buildings account at that time. Buffalo Limited follows IFRS for its financial statements. What amount of depreciation was charged annually for the years 2000 through 2019? (Assume straight-line depreciation.) $ Annual depreciation, 2000 through 2019 $ List of Accounts What entry should be made in 2020 to record the roof replacement? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record disposal of old roof) (To record installation of new roof) Prepare the entry in January 2020 to record the revision in the building's estimated life, if necessary. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit List of Accounts Assume the cost of the old roof is removed. What amount of depreciation should be charged for the year 2020? Depreciation-2020 $ $ Buffalo Limited constructed a building at a cost of $3.1 million and has occupied it since January 2000. It was estimated at that time that its life would be 40 years, with no residual value. In January 2020, a new roof was installed at a cost of $450,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $265,000 and was capitalized in the Buildings account at that time. Buffalo Limited follows IFRS for its financial statements. What amount of depreciation was charged annually for the years 2000 through 2019? (Assume straight-line depreciation.) $ Annual depreciation, 2000 through 2019 $ List of Accounts What entry should be made in 2020 to record the roof replacement? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record disposal of old roof) (To record installation of new roof) Prepare the entry in January 2020 to record the revision in the building's estimated life, if necessary. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit List of Accounts Assume the cost of the old roof is removed. What amount of depreciation should be charged for the year 2020? Depreciation-2020 $ $
