Crane Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $11,500,000 on January 1, 2020. Crane expected to complete the building by December 31, 2020. Crane has the following debt obligations outstanding during the construction period, $4,600,000 3,450,000 Construction loan-12% Interest, payable semiannually, issued December 31, 2019 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 2,300,000 Compute the depreciation expense for the year ended December 31, 2021. Crane elected to depreciate the building on a straight line basis and determined that the asset has a useful life of 30 years and a salvage value of $690,000. (Round answer to decimal places, eg. 5,275) Depreciation Expense $ e Textbook and Media Attempts: 0 of 3 used Submit Answer Save for Later