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What is the depreciation charge on the block of flats

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Reference no: EM132970536

Company U uses current values for its non-current assets in its financial accounts.

  • Company U bought a block of flats for £22.8 million 10 years ago.
  • The residual value was estimated at £1.5 million and the useful life of the block of flats was estimated at 50 years
  • Depreciation has been charged on a straight-line basis
  • At the start of this year, a surveyor revalued the block of flats for accounting purposes to a current value £32.8 million with an estimated future useful life of 40 years and a residual value of £1.5 million.
  • Depreciation is still to be charged on a straight-line basis.

Problem 1: What is the depreciation charge on the block of flats for this year?

Reference no: EM132970536

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