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How much depreciation expense will red tank record

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Reference no: EM132490147

Red Tank Inc. recently expanded its business. On January 1, 20X6, Red Tank purchased a parcel of land along with a building and equipment to use in the expansion. The company paid a total of $412,000 for all three items. The fair market values of the purchases were determined to be as follows: Land $244,625 Building $135,375 Equipment $95,000 The building is expected to have a 25-year useful life with no residual value. The equipment is expected to have a 14-year useful life with no residual value. The company uses the straight-line method to record depreciation expense, and it has a December 31 fiscal year end.

Question 1: How much depreciation expense will Red Tank record in its 20X6 fiscal year? Assume the company follows IFRS.

Option a) $ 5,291

Option b) $10,583

Option c) $12,201

Option d) $19,070

Reference no: EM132490147

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