A building acquired on January 1, 2014, at a cost of $485,000, has an estimated residual value of…

A building acquired on January 1, 2014, at a cost of $485,000, has an estimated residual value of $75,000 and an estimated useful life of 25 years. (a) Determine the annual straight-line depreciation (b) Journalize the end-of-year entry to record depreciation.

 

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