Business, 01.03.2021 23:00 dshood2298
In January 2019, Rankine Company paid $8,500,000 for land and a building. An appraisal estimated that the land had a fair value of $2,500,000 and the building was worth $6,000,000. Rankine estimated that the useful life of the building was 30 years, with no residual value. a. Calculate annual depreciation expense using the straight-line method. $Answer b. Calculate depreciation for 2019 and 2020 using the double-declining-balance method. Round answers to the nearest whole number. 2019 $Answer 2020 $Answer c. Assume that in 2021, Rankine changed its estimate of the useful life of the building to 25 years. If the company is using the double-declining-balance method of depreciation, what amount of depreciation expense would Rankine record in 2021
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In January 2019, Rankine Company paid $8,500,000 for land and a building. An appraisal estimated tha...
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