On january 1 molly corp purchased land with a usable

Reference no: EM13593948

On January 1, Molly Corp. purchased land with a usable building on it for $240,000. At the time of purchase, the fair market values of the land and building were $100,000 and $150,000, respectively. Molly depreciates the building using the straight-line method over 20 years with an expected $24,000 residual value. The annual depreciation expense on the building is?

Reference no: EM13593948

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