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Brigadoon Consulting bought a building and the land on which it is located for 180000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid 20000 for building renovations before it was ready for use. Compute a

Brigadoon Consulting bought a building and the land on which it is located for 180000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid 20000 for building renovations before it was ready for use. Compute a

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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Brigadoon Consulting bought a building and the land on which it is located for 180000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid 20000 for building renovations before it was ready for use. Compute a Straight line depreciation on the building at the end of one year assuming an estimated 12 year useful life and a 4400 estimated residual value
Transcribed Image Text:Brigadoon Consulting bought a building and the land on which it is located for 180000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid 20000 for building renovations before it was ready for use. Compute a Straight line depreciation on the building at the end of one year assuming an estimated 12 year useful life and a 4400 estimated residual value
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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