2. (15points) Mike Geary, the controller of Shelhammer Company, has reviewed the expected useful lives salvage values of selected depreciable assets at the beginning of 2017. Here are Accumulated Useful Life Depreciation in Years)Salvage Value Type of Date Asset Acquired BuildingJan. 1,2009 $%2,700,000 $516,000 40 50 $120,000 84,000 Warehouse Jan. 1, 2012 Jan. 1,2017 Old Proposed Old Proposed 0,0008,000 46,000 20 240,000 25 All assets are depreciated by the straight-line method. Shellhammer Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Mike's proposed changes. (The Proposed" useful life is total life. not remaining life.) Instructions Compute the revised annual depreciation on each asset in 2017. (Show computations.) Page 4 of 7