GMC Inc. owns a building with an original cost of $400,000 and no residual value....
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Accounting
GMC Inc. owns a building with an original cost of $400,000 and no residual value. If its carrying amount (net book value) is $280,000 at December 31, 2021, it would indicate that:
A. the building has a sales price of $280,000.
B. the building has approximately 30% of its useful life remaining.
C. the building has approximately 70% of its useful life remaining.
D. the depreciation expense is $40,000 per year.
***please explain your answer
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