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Question - Violet Company was incorporated on January 1, 2018. In preparing the financial statements for the year ended December 31, 2020, the entity used the following original cost and useful life for the property, plant and equipment:
Original Cost
Useful Life
Building
15,000,000
15 years
Machinery
10,500,000
10 years
Furniture
3,500,000
7 years
On January 1, 2020, the entity determined that the remaining useful life is 10 years for the building, 7 years for the machinery and 5 years for the furniture. The entity used the straight line method of depreciation with no residual value. What amount should be recorded as total depreciation for 2021?
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