Chapter 10 - Plant Assets, Natural Resources, and Intangibles 10. The cost of a building is $95,000 and the title search cost $3000 and the taxes are $6,000. The useful life is 30 years and the salvage value is $4,000. Using straight-line depreciation, record the journal entry for year number 28. 11. A drill press costs $89,000 with a salvage value of $5,000 and a useful life of 7 years. What is the depreciation for year 7 using the double-declining depreciation method? (calculate the rate to five decimal places)