Home My courses / PRINCIPLES OF ACCOUNTING General (102) - Question 15 Not yet answered Blue Company hired Red Construction to construct an office building for $988,000 on la costing $500,000, which Blue Company owned. The building was complete and ready to be used on January 1, 2020 and it has a useful Marked out of 1.00 40 years. Flag question The price of the building included land improvements costing $180,000 and property cc $340,000. The useful lives of the land improvements and the personal property are 10 years and respectively. Blue Company uses component depreciation, and the company uses straight-line depreciation for other similar assets. What is the net amount reported for the building on Blue Company's December 31, 202 statement of financial position? Answer: e here to search