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What is the depreciation of leasehold improvements

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Reference no: EM132640425

Question - On January 1, 2017, Iris Company leased land and building from an unrelated lessor for a ten year term. The lease has a renewal option for an additional ten years but the entity has not reached a decision with regard to the renewal option.

In early January 2017, the entity completed the following improvements to the property:

Sales office 10 years 470,000

Warehouse 25 years 750,000

Parking lot 15 years 180,000

What is the depreciation of leasehold improvements for 2017?

A. 70,000

B. 89,000

C. 122,000

D. 140,000

Reference no: EM132640425

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