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What is the depreciation charge on the block of flats

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Question - Company U uses current values for its non-current assets in its financial accounts.

Company U bought a block of flats for £22.8 million 10 years ago.

The residual value was estimated at £5.0 million and the useful life of the block of flats was estimated at 50 years.

Depreciation has been charged on a straight-line basis.

At the start of this year, a surveyor re-valued the block of flats for accounting purposes to a current value £27.3 million with an estimated future useful life of 40 years and a residual value of £5.0 million.

Depreciation is still to be charged on a straight-line basis.

What is the depreciation charge on the block of flats for this year?

Reference no: EM133165686

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