Monty Corp. acquired a property on September 1 5 , 2 0 2 3 , for $
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Question:
Monty Corp. acquired a property on September
for $
paying $
in transfer taxes and a $
real estate fee.
Based on the provincial assessment information,
of the property's value was related to the building and
to the land. It is
estimated that the building, with proper maintenance, will last for
years at which time it will be torn down and have zero salvage
value. Monty, however, expects to use it for
years only, as it is not expected to suit the company's purposes after that. The company
should be able to sell the property for $
at that time, with $
of this amount being for the land. Monty prepares financial
statements in accordance with IFRS.
Depreciation expense should be calculated to the nearest half month.
a
Assuming a December
year end, identify the
building's cost.
Cost of the building
assuming a december year end, identify the building's depreciable amount.
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