Twin-Cities, Inc., purchased a building for $400,000. Straight-line depreciation

Question

Twin-Cities, Inc., purchased a building for $400,000. Straight-line depreciation was used for each of the first two years using the following assumptions: 25-year estimated useful life, with a residual value of $100,000.

Calculate the annual depreciation for the first two years that Twin-Cities owned the building.(Omit the "$" sign in your response.)

Calculate the book value of the building at the end of the second year.(Omit the "$" sign in your response.)

Twin-Cities, Inc., purchased a building for $400,000. Straight-line depreciation was used for each of the first two years using the following assumptions: 25-year estimated useful life, with a residual value of $100,000.

Explanation / Answer

It worked! Make sure you put the same answer on part a for year 1 and 2.

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