Greg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in...

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Greg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in January 2001. It was estimated at that time that its life would be 40 years, with no salvage value. In January 2021, a new roof was installed at a cost of $300,000, 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 $160,000. (d) Your answer is partially correct. What amount of depreciation should be charged for the year 2021? Depreciation for the year 2021 (Assume the cost of the old roof is removed) Depreciation for the year 2021 (Assume the cost of the new roof is debited to accumulated depreciation - building) Greg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in January 2001. It was estimated at that time that its life would be 40 years, with no salvage value. In January 2021, a new roof was installed at a cost of $300,000, 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 $160,000. (d) Your answer is partially correct. What amount of depreciation should be charged for the year 2021? Depreciation for the year 2021 (Assume the cost of the old roof is removed) Depreciation for the year 2021 (Assume the cost of the new roof is debited to accumulated depreciation - building)