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QUESTION 22
Habib, a limited liability company, has the following building in its financial statements as at
31 December 2007:
Cost $4,500,000
Accumulated depreciation $(720,000)
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Net book value $3,780,000
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The building has been depreciated at 2% per annum. On the 1 January 2008 the building
was re-valued to $6,300,000.
What would be the charge for depreciation on the building that would appear in the income
statement for the year ended 31 December 2008?
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