Shamrock Corp. (SC) purchased a building in early January 2020, and classified the cost of the basic structure of $129,000 in an account called Buildings. SC accounts for this class of asset using the revaluation model, revalues the class every three years, and uses straight-line depreciation. The building structure is expected to have a useful life of 25 years with no residual value. SC has a December 31 fiscal year end. The asset's fair value at December 31, 2022, is $116,120. h
Shamrock Corp. (SC) purchased a building in early January 2020, and classified the cost of the basic structure of $129,000 in an account called Buildings. SC accounts for this class of asset using the revaluation model, revalues the class every three years, and uses straight-line depreciation. The building structure is expected to have a useful life of 25 years with no residual value. SC has a December 31 fiscal year end. The asset's fair value at December 31, 2022, is $116,120. h
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:December 31 fiscal year end. The asset's fair value at December 31, 2022, IS $116, 120.
(a1)
Calculate SC's depreciation for the first three years.
SC's annual depreciation $
2020
$
2021
$
2022
Transcribed Image Text:Shamrock Corp. (SC) purchased a building in early January 2020, and classified the cost of
the basic structure of $129,000 in an account called Buildings. SC accounts for this class of
asset using the revaluation model, revalues the class every three years, and uses straight-line
depreciation. The building structure is expected to have a useful life of 25 years with no
residual value. SC has a December 31 fiscal year end. The asset's fair value at December 31,
2022, is $116,120.
4
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