Question 1 Noc compete Marked out of 8.00 P Flag cuestion Computing Depreciation and Accounting for a change of Estimate In January 2019. Rankine Company paid $8,500,000 for land and a building. An appraisal estimated that the land had a fair value of $2,500,000 and the building was worth $6,000,000. Rankine estimated that the useful life of the building was 30 years, with no residual value. al. Calculate annual depreciation expertise using the straight-line method. S b. Calculate depreciation for 2019 and 2020 using the double declining balance method. Round answers to the nearest whole number 2019 $ 2020 $ C. Assume that in 2021, Rankine changed its estimate of the useful life of the building to 25 years. If the company is using the double-declining balance method of depreciation, what amount of depreciation expense would Rankine record in 20217 Do not round until your final answer. Round answer to the nearest whole number. S Check