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I'll make sure to rate you!! On March 31, 2021, Susquehanna Insurance purchased an office building for $12,600,000. Based on their relative fair values, one-third
I'll make sure to rate you!!
On March 31, 2021, Susquehanna Insurance purchased an office building for $12,600,000. 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 $1,220,000 and $720,000, 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: Required: Calculate depreciation for 2021 and 2022 . (Do not round intermediate calculations.)Step by Step Solution
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