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What is the cost of depreciation for the theatre

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Reference no: EM132970515

Helibeb Limited owns a theatre building which it cost the company £7.5 million to build 20 years ago. The building is 20 years old.

  • 10 years ago a surveyor revalued the theatre to £10.0 million which reflected the cost of building a similar theatre in a similar location then.
  • A surveyor has now revalued the theatre building to £21.5 million, which reflects the cost of buying a similar theatre in a similar location now, at the start of this new financial year.
  • Helibeb expects to use the theatre building for another 80 years and then sell the property for an estimated £1 million.
  • Helibeb calculates depreciation on its property on a straight-line basis, meaning that it charges the same amount every year, until the next revaluation.
  • Helibeb calculates depreciation on its property on the basis of current values.

Problem 1: What is the cost of depreciation for the theatre for the new financial year?

Reference no: EM132970515

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