Q1A building with a cost of $500,000, an estimated residual value of $50,000, and an estimated life of 20 years was depreciated by the straight-line…

Q1A building with a cost of $500,000, an estimated residual value of $50,000, and an estimated life of 20 years was depreciated by the straight-line method for 10 years. In the eleventh year, it was determined that the useful life should be extended by a further 10 years, and the residual value amended to $100 000. The yearly depreciation expense for the remainder of the asset’s life will be:$8750