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Dunbars Ltd purchased land for $1 100 000 for the purpose of building a sports and recreational centre. Construction of the building commenced 1 February 2021 and was completed 30 September 2021. Although the building was ready for use on 1 October 2021, the centre only opened on 1 December 2021. Assume the total cost of constructing the building was $1 809 237. The useful life of the building is 25 years and the straight line method is used to depreciate the building. At the end of its life the building will have no salvage value after allowing for the cost of deconstruction.
On 31 August 2022, the roof of the building was blown away and a replacement was constructed at a cost of $400 000, which was completed on 31 October 2022. It was predicted that by replacing the building's roof, the expected useful life of the building would be extended and would be 25 years from 31 October 2022.
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