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What would be depreciation expense per year for new building

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MEGAN acquired for a lumpsum price of 6,000,000 a piece of land and the building on it. The land and building have fair values of 4,200,000 and 2,800,000 respectively. The building is still usable but the entity plans to demolish it and construct a new building. Later, total demolition cost incurred was 400,000 but scraps were gathered and sold for 50,000. The new building had a total construction cost of 7,000,000, useful life of 25 years, and a salvage value of 500,000.

problem 1: What would be the depreciation expense per year for the new building? Solutions must be in good accounting form. (274,000 is the answer)

Reference no: EM132844249

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