Leslie, Inc., followed the practice of depreciating its building on a straight-line basis. A building was purchased
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Leslie, Inc., followed the practice of depreciating its building on a straight-line basis. A building was purchased in 2019 and had an estimated useful life of 25 years and a residual value of $20,000. The company’s depreciation expense for 2019 was $15,000 on the building. What was the original cost of the building?
a. $395,000
b. $500,000
c. $520,000
d. Cannot be determined from the information given.
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Related Book For
Financial Accounting
ISBN: 978-1259964947
10th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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