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Griffin Inc. depreciates all buildings on a straight-line basis. The company purchased a building on January 1, 2021, and at the time of the
Griffin Inc. depreciates all buildings on a straight-line basis. The company purchased a building on January 1, 2021, and at the time of the purchase estimated the building would have a useful life of 20 years and a residual value of $40,000. Assuming Griffin Inc. correctly calculated depreciation expense of $22,000 in 2021, what was the original purchase price of the building?
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
10th edition
1260481956, 1260310175, 978-1260481952
