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Problem 8-2A Asset cost allocation; straight-line depreciation L. C1, C2, P1, P2 [The following information applies to the questions displayed...
Problem 8-2A Asset cost allocation; straight-line depreciation L.O. C1, C2, P1, P2[The following information applies to the questions displayed below.] In January 2011, Solaris Co. pays $2,750,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $531,000, with a useful life of 20 years and an $70,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $619,500 that are expected to last another 12 years with no salvage value. Without the buildings and improvements, the tract of land is valued at $1,799,500. Solaris also incurs the following additional costs: Cost to demolish Building 1
