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Point 1: Red Tank Inc. recently expanded its business. On January 1, 20X6, Red Tank purchased a parcel of land along with a building and equipment to use in the expansion. The company paid a total of $412,000 for all three items. The fair market values of the purchases were determined to be as follows:
Land $244,625
Building $135,375
Equipment $95,000
Question 1: The building is expected to have a 25-year useful life with no residual value. The equipment is expected to have a 14-year useful life with no residual value. The company uses the straight-line method to record depreciation expense, and it has a December 31 fiscal year end. How much depreciation expense will Red Tank record in its 20X6 fiscal year? Assume the company follows IFRS.
a) $ 5,291
b) $10,583
c) $12,201
d) $19,070
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