At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.3 million. $9.3 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 20-year useful life, and a $1.3 million residual value. In 2024, the company switched to the double-declining-balance depreciation method. What is depreciation on the building for 2024? Note: Do not round intermediate calculations. Enter your answer in whole dollars rounded to the nearest whole number.

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.