Exercise $11-7($Algo$)$ Depreciation methods; partial periods; book values $[$LO$11-2]$

On March $31,2024,$ Susquehanna Insurance purchased an office building for $$14,100,000.$ Based on their relative fair values, one$-$third of the purchase price was allocated to the land and two$-$thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $$1,270,000$ and $$770,000,$ respectively. The company uses the straight$-$line method to depreciate its buildings and the double$-$declining$-$balance method to depreciate all other depreciable assets. The estimated useful lives and residual values of these assets are as follows:

$\backslash$table$[[$Suilding$,$Service Life,Residual Value$],[$Furniture and fixtures,$30,10\%$ of cost$],[$Office equipment,$10,10\%$ of cost$]]$

Required:

Calculate depreciation for the years ended December $31,2024$ and $2025.$

What book values would be reported in the December $31,2025,$ balance sheet $($including land$)?$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Calculate depreciation for the years ended December $31,2024$ and $2025.$

Note: Do not round intermediate calculations.

$\backslash$table$[[,$Depreciation$],[2024,2025],[$Building$,,],[$Furniture and fixtures,,$],[$Office equipment,,$]]$