Salvage value at time problem

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On December 30, 2007, Rival Industries acquired its office building at a cost of $1,000,000. It was depreciated on a straight-line basis assuming a useful life of 40 years and no salvage value. However, plans were finalized in 2011 to relocate the company headquarters at the end of 2015. The vacated office building will have a salvage value at that time of $700,000.

Reference no: EM13153830

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