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What is the correct amount of annual depreciation

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Question - At the beginning of its fiscal year, Compton Company purchased a building for $680,000. At the end of the year, the building has a fair value of $590,000. Compton's accountant recorded depreciation expense of $90.000 for the decline in the building's value. The building's depreciable life is 30 years.

Required -

1. Why is this depreciation amount not correct?

2. What is the correct amount of annual depreciation?

Reference no: EM132526375

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