A building was purchased on January 1, 1998, for $240,000 and straight line depreciation method was used. It was estimated that the life was to be 40 yearsand have a salvage value of $40,000.On January 1, 2011, the company determined that it needed to change its estimated life and salvage value of the building to 20 years remaining and $30,500. What is depreciation expense for the building for 2011?
A building was purchased on January 1, 1998, for $240,000 and straight line depreciation method was used. It was estimated that the life was to be 40 yearsand have a salvage value of $40,000.On January 1, 2011, the company determined that it needed to change its estimated life and salvage value of the building to 20 years remaining and $30,500. What is depreciation expense for the building for 2011?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A building was purchased on January 1, 1998, for $240,000 and
What is depreciation expense for the building for 2011?
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