Business, 25.11.2021 05:30 dbhuggybearow6jng

On March 31, 2016, Susquehanna Insurance purchased an office building for $13,200,000. Based on their relative fair values, one-third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $1,400,000 and $900,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-declining-balance method to depreciate all other depreciable assets. The estimated useful lives and residual values of these assets are as follows: Service Life Residual Value
Building 25 5% of cost
Furniture and fixtures 10 5% of cost
Office equipment 5 $50,000
Required:
Calculate depreciation for 2016 and 2017. (Do not round intermediate calculations.)

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On March 31, 2016, Susquehanna Insurance purchased an office building for $13,200,000. Based on thei...

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