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Q 5 Presented below are the components related to an office building that Lockard Company...

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Accounting

Q 5 Presented below are the components related to an office building that Lockard Company is considering purchasing for 10,000,000. Component Useful Life Value Building structure 60-year life 5,400,000 Building engineering 30-year life 2,400,000 Building external works 30-year life 900,000 Instructions (a) Compute depreciation expense for 2010, assuming that Lockard uses component depreciation. [1 point] (b) Assume that the building engineering was replaced in 20 years at a cost of 2,600,000. Prepare the entry to record the replacement of the old component with the new component. [1 point]

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