At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.8 million. $10.8 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 20-year useful life, and a $2.8 million residual value. In 2024, the estimates of useful life and residual value were changed to 15 total years and $680,000, respectively. What is depreciation on the building for 2024? Note: Enter your answer in whole dollars rounded to the nearest whole number.
At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.8 million. $10.8 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 20-year useful life, and a $2.8 million residual value. In 2024, the estimates of useful life and residual value were changed to 15 total years and $680,000, respectively. What is depreciation on the building for 2024? Note: Enter your answer in whole dollars rounded to the nearest whole number.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 11E: On January 1, 2014, Klinefelter Company purchased a building for 520,000. The building had an...
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At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.8 million. $10.8 million of the purchase price was allocated to the building.
What is depreciation on the building for 2024?
Note: Enter your answer in whole dollars rounded to the nearest whole number.
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