At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.2 million. S10.2 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight - line method, a 25 - year useful life, and a $2.2 million residual value. In 2024, the estimates of useful life and residual value were changed to 20 total years and $620,000, respectively. What is depreciation on the building for 2024?
At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.2 million. S10.2 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight - line method, a 25 - year useful life, and a $2.2 million residual value. In 2024, the estimates of useful life and residual value were changed to 20 total years and $620,000, respectively. What is depreciation on the building for 2024?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.2 million. S10.2 million of the purchase price was allocated to the building.
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