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On December 31, 20x4, you purchase a building for $2,978,338. The building's useful life is expected to be 31 years after which it will have
On December 31, 20x4, you purchase a building for $2,978,338. The building's useful life is expected to be 31 years after which it will have a residual value of $547,175. The diminishing balance method of depreciation is used at the rate of 4%. On December 31, 20x7, the building is sold for $2,527,239. What is the gain (loss) on sale of the building (Round to the nearest whole dollar. A loss should be expressed as a negative number. Example: -1,000 would represent a loss of $1,000)?
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