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1. Depreciation Changes On January 1, 2006, McElroy Company purchased a building and equipment that have the following useful lives, salvage values, and costs.Building, 40-year estimated useful life, $50,000 salvage value, $1,200,000 costEquipment, 12-year estimated useful life, $10,000 salvage value, $130,000 costThe building has been depreciated under the double-declining balance method through 2009. In 2010, the company decided to switch to the straight-line method of depreciation. McElroy also decided to change the total useful life of the equipment to 9 years, with a salvage value of $5,000 at the end of that time. The equipment is depreciated using the straight-line method.
Instructions
(a) Prepare the journal entry(ies) necessary to record the depreciation expense on the building in 2010.
(b) Compute depreciation expense on the equipment for 2010.
Insurance Company begins processing casualty claims
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There will be no residual value at that time. Considering the uncertainty in your estimates, you expect to earn 9 percent per year on the investment. What should you be willing to pay for this investment now?
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