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At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.6 million. $10.6 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 $2.6 million residual value. In 2024, the estimates of useful life and residual value were changed to 20 total years and $660,000, respectively. What is depreciation on the building for 2024? Note: Enter your answer in whole dollars rounded to the nearest whole number. Depreciation

At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.6 million. $10.6 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 $2.6 million residual value. In 2024, the estimates of useful life and residual value were changed to 20 total years and $660,000, respectively. What is depreciation on the building for 2024? Note: Enter your answer in whole dollars rounded to the nearest whole number. Depreciation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.6 million. $10.6 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 $2.6 million residual value. In 2024, the estimates of useful life and residual value were changed to 20 total years and $660,000, respectively. What is depreciation on the building for 2024? Note: Enter your answer in whole dollars rounded to the nearest whole number. Depreciation
Transcribed Image Text:At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.6 million. $10.6 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 $2.6 million residual value. In 2024, the estimates of useful life and residual value were changed to 20 total years and $660,000, respectively. What is depreciation on the building for 2024? Note: Enter your answer in whole dollars rounded to the nearest whole number. Depreciation
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