Calculate and insert the book or carrying value of building

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Question - Marmidan Corporation acquired a new building on January 1, 2019 at a cost of $900,000. The building had an economic useful life of 20 years and a salvage value of $ 90,000.

a) Calculate and insert the amount of annual depreciation that should be recorded under the straight-line method.

b) Calculate and insert the book or carrying value of the building in the company's financial statements at December 31, 2021.

c) If the building is sold on June 30, 2022 for $ 600,000, calculate and insert the amount of gain or loss on sale. Note whether the amount you calculated is a gain or loss.

Reference no: EM133074479

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