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  answer-question

Financial Accounting

ISBN: 978-1259964947

10th edition

Authors: Robert Libby, Patricia Libby, Frank Hodge

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