At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.4 million. $10.4...
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At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.4 million. $10.4 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $2.4 million residual value. In 2024, the estimates of useful life and residual value were changed to 20 total years and $640,000, respectively.
What is depreciation on the building for 2024?
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