Subject: acounting Novak Company constructed a building at a cost of $2,750,000 and occupied it beginning in January 2001. It was estimated at thattime that its life would be 40 years, with no salvage value.In January 2021, a new roof was installed at a cost of $375,000, and it was estimated then that the building would have a useful lifeof 25 years from that date. The cost of the old roof was $200,000.(a)What amount of depreciation should have been charged annually from the years 2001 to 2020? (Assume straight-linedepreciation.)Depreciation per year$ (b)What entry should be made in 2021 to record the replacement of the roof? (If no entry is required, select "No entry for the accounttitles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and Explanation(To record the disposition of the old roof.)(To record the installation of the new roof.)DebitCredit100 UN

Name: Subject: acounting Novak Company constructed a building at a cost of $
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Subject: acounting Novak Company constructed a building at a cost of $2,750,000 and occupied it beginning in January 2001. It was estimated at thattime that its life would be 40 years, with no salvage value.In January 2021, a new roof was installed a