Question 9 (2 points) Encanto Corporation purchased a building on December 31, 20x0 for $1,700,000. At that time, Encanto believed the building would have a useful life of 23 years and estimated a residual value of $136,000. It is now March 31, 20x6, and Encanto has received new information that suggests the useful life of the building will likely be 30 years with a residual value of $88,000. Encanto uses the straight-line method of calculating depreciation expense. What should the company record as depreciation expense in 20x6? $54,400 $42,400 $64,480 $50,880 Previous Page Next Page Submit Quiz 8 of 12 questions saved Page 9 of 12