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Cambridge Co. uses IFRS and purchases a building for $20 million. Per industry standards, the overall building has a useful life of 40 years. Included in the cost of the building is the roof ($1.5 million, useful life of 25 years) and HVAC system ($1.8 million, useful life of 15 years).Assuming the straight line method is used, annual depreciation expense will be:
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