i am confused on how to figure out the straight line depreciation method. The question is on sep 1 sold a building that cost 585000 ( accumulated depreciation of 285000 through December 31 of the preceding year). Tarrier recieved 360000 cash from the sale. Depreciation is computed on a strighline basis. The building has a 40 year useful life and a residual value of 250000. How do i figure out this question.
Paper#3165 | Written in 18-Jul-2015Price : $25