Sheffield Company constructed a building at a cost of $2,662,000 and occupied it beginning in January 1998. It was estimated at that time that its life would be 40 years, with no salvage value. In January 2018, a new roof was installed at a cost of $363,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $193,600.
What amount of depreciation should be charged for the year 2018?
Depreciation for the year 2018 (Assume the cost of the old roof
is removed)
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