Solution-What amount should be recorded as total

What amount should be recorded as total depreciation

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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?

Reference no: EM133189486

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What amount should be recorded as total depreciation

Reference no: EM133189486

Reference no: EM133189486

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