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On March 31, 2021, Susquehanna Insurance purchased an office building for $11.400,000. Based on their relative fair values, one-third of the purchase price was allocated
On March 31, 2021, Susquehanna Insurance purchased an office building for $11.400,000. 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 $1,340,000 and $840,000, 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: ponts Service Bailding Purniture and fixtures office equipment 30 10 Residual Value 101 of coat 101 o gost Required: Calculate depreciation for 2021 and 2022. (Do not round Intermediate calculations.) Depreciation 2021 2022 Building Fumiture and futures Office equipment
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