Question: Posting the question for the second time, because first answer was wrong Greg Maddox Company constructed a building at a cost of $ 3,982,000 and

Posting the question for the second time, because first answer was wrong

Greg Maddox Company constructed a building at a cost of $ 3,982,000 and occupied it beginning in January 1995. It was estimated at that time that its life would be 40 years, with no salvage value. In January 2015, a new roof was installed at a cost of $ 543,000 , and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $ 289,600 .

What entry should be made in 2015 to record the replacement of the roof?

Posting the question for the second time, because first answer was wrong

What amount of depreciation should be charged for the year 2015?

Greg Maddox Company constructed a building at a cost of $ 3,982,000

Please explain the answer!

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