#5

Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Depreciation, Type of Date Useful Life (in years) Salvage Value Asset Acquired Cost Jan. 1. 2022 Old Proposed Old Proposed Building Jan. 1. 2014 $134,400 40 48 $65.000 $36,600 $737,000 121,000 Warehouse Jan. 1. 2017 23,290 25 20 4.550 5,010 All assets are depreciated by the straight-line method. Crane Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed' useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2022. (Round answers to decimal places, eg. 5,275.) Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, eg 5,275.) Building Warehouse Revised annual depreciation $