Determine the depreciation on the building

Reference no: EM13717135

Compute the answer of the given question

Question- At the beginning of 2011, Robotics Inc. acquired a manufacturing facility for $13.7 million. $10.7 million of the purchase price was allocated to the building. Depreciation for 2011 and 2012 was calculated using the straight-line method, a 20-year useful life, and a $2.7 million residual value. In 2013, the estimates of useful life and residual value were changed to 15 years and $670,000, respectively. Assume that 2011 depreciation was incorrectly recorded as $40,000. This error was discovered in 2013.

Part 1- What is depreciation on the building for 2013 assuming no change in estimate of useful life or residual value?

I want expert's assistance to find depreciation on the building for 2013.

Reference no: EM13717135

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