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Problem 6-Change in Estimate/Subsequent Costs The following information pertains to Maxon, Inc. Original Asset: Office...

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Accounting

Problem 6-Change in Estimate/Subsequent Costs The following information pertains to Maxon, Inc. Original Asset: Office Building Purchased 1/1/2014 Original Cost $800,000 Useful Life 20 years Salvage Value $0 Method of Depreciation : Straight-Line

On July 1, 2020, wall partitions were added to the third floor space to increase the number of private offices at a cost of $150,000 (as an addition). Partitions do not extend the life of the building

Compute the annual depreciation expense for the years 2020? Explain step by step please.

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