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Sunland Company constructed a building at a cost of $2,486,000 and occupied it beginning in January 2001. It was estimated at that time that its
Sunland Company constructed a building at a cost of $2,486,000 and occupied it beginning in January 2001. It was estimated at that time that its life would be 40 years, with no salvage value. In January 2021, a new roof was installed at a cost of $339,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $180.800. Your answer is incorrect. What amount of depreciation should have been charged annually from the years 2001 to 2020? (Assume straight-line depreciation.) Depreciation from the years 2001 to 2020 $ e Textbook and Media List of Accounts X Your answer is incorrect. What entry should be made in 2021 to record the replacement of the roof? (If no entry is required, select "No entry" for the account titles and enter for the amou Account Titles and Explanation Debit Credit (To record the disposition of the old roof.) (To record the installation of the new roof.) e Textbook and Media List of Accounts Prepare the entry in January 2021 to record the revision in the estimated life of the building, if necessary. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Cr Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts X Your answer is incorrect. What amount of depreciation should be charged for the year 2021? Depreciation for the year 2021 (Assume the cost of the old roof is removed) dereito, buto F Depreciation for the year 2021 (Assume the cost of the new roof is debited to accumulated depreciation - building) $ e Textbook and Media List of Accounts
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