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The subject property has an equipment shed that is 40'*60'. The replacement cost is estimated...

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Accounting

The subject property has an equipment shed that is 40'*60'. The replacement cost is estimated to be $80 per square foot. The effective age is 25 years with a remaining economic life of 20 years. Curable physical deterioration is $7,000. At present the shed does not have a door large enough to accommodate modern equipment. A larger door was included in the replacement cost; however, it would cost an additional $2,500 to install the door in the present shed. Therefore, curable functional obsolescence is $2,500.

a) Determine the total accrued depreciation.

b) Determine the contributory value of the shed.

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