ch. 11 Q. 10 of Federal Tax

At the beginning of 2019. Robotics Inc acquired a manufacturing facility for $12 million. $9 million of the purchase price was allocated to the building. Depreciation for 2019 and 2020 was calculated using the straight-tine method, a 25 -year useful life, and a $1 million residual value. Assume that 2019 depreciation was incorrectly recorded as $32.000. This error was discovered in 2021. Required: 1. Record the journal entry needed in 2021 to correct the error: 2. What is depreciation on the building for 2021 assuming no change in estimate of useful life or residual value