Barber, Inc., followed the practice of depreciating its building on a straight-line basis. A building was purchased in 2011 and had an estimated useful life of 25 years and a residual value of $20,000. The company’s depreciation expense for 2011 was $20,000 on the building. What was the original cost of the building?
a. $480,000
b. $500,000
c. $520,000
d. Cannot be determined from the information given.
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