URGENT

Coronado Limited constructed a building at a cost of $3.3 million and has occupied it since January 2000. It was estimated at that time that its life would be 40 years, with no residual value. In January 2020, a new roof was installed at a cost of $465,000, 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 $240,000 and was capitalized in the Buildings account at that time. Coronado Limited follows IFRS for its financial statements.

QUESTION

Assume the cost of the old roof is removed. What amount of depreciation should be charged for the year 2020?

Depreciation2020

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