At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.4 million. $10.4 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 $2.4 million residual value. In 2024, the company switched to the double- declining-balance depreciation method. What is depreciation on the building for 2024?

At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.4 million. $10.4 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 $2.4 million residual value. In 2024, the company switched to the double- declining-balance depreciation method. What is depreciation on the building for 2024?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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