Biz Tech bought a new building for its headquarters in the year 2015. The building cost 773,028 dollars and the company spent an additional 86,683 dollars renovating the space before it was put into service. The building has been in use since October 21st, 2015. BizTech forecasted that in 2040 the building would have a net salvage value of $1,000,000. Estimate the Remaining Book Value of the building in 2029 if BizTech decides to sell the building on February 15th 2029 for $1,340,384. (note: round your answer to the nearest cent and do not include spaces, currency signs, or commas; do not round the recovery factors from the depreciation tables and make sure to include plenty of digits in your calculations).

Answer rating: 100% (QA)

Calculation of book value at the time of sale Year Beginning Book Value Depreciation Percent Depr... View the full answer