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Gracious Hospital purchased the following plant assets on January 1, 20X1: Estimated Cost Salvage Value...

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Accounting

Gracious Hospital purchased the following plant assets on January 1, 20X1:

Estimated Cost Salvage Value Useful Life (Years)

Land $ 100,000

Buildings 8,000,000

$1,600,000 40

Equipment 4,500,000 500,000 20

Required: (1) Assuming straight-line depreciation, what is the depreciation expense for 20X4? (2) At what amount, net of accumulated depreciation, would these assets be presented in the balance sheet of the hospital at December 31, 20X6?

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