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Question
A company owns some land and buildings for which the following details are relevant : Cost of land Taka 50,000; cost of building Taka 100,000, estimated life of building 20 years, estimated residual value of building Taka 2000; estimated residual value of land Taka 50,000. The company uses the straight line depreciation method. Which is the correct annual depreciation charge for this asset?
Taka 4000
Taka 4900
Taka 7400
Taka 7500
None of these
ANSWER : 2
Descrption
<p style="margin-left:0px;">Annual Depreciation Expense = (Cost of Asset - Residual Value) / Useful Life</p><p style="margin-left:0px;">For the building:</p><ul><li>Cost of Building = Taka 100,000</li><li>Residual Value of Building = Taka 2,000</li><li>Useful Life of Building = 20 years</li></ul><p style="margin-left:0px;">So, plugging these values into the formula:</p><p style="margin-left:0px;">Annual Depreciation Expense = (100,000 - 2,000) / 20 = 98,000 / 20 = 4,900</p>
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