In 2022, New Company bought two assets during the year: an office building on April 30 and computer equipment (8 year class life) on October 2. The building costs 5 million dollars, 1.1 million which is allocated to the land. The computer equipment costs 10,000. How much depreciation is allowed for 2022 on the office building?

Answer rating: 100% (QA)

Determine the depreciable basis of the building This is the cost of the bu... View the full answer