7 of 25 < > View Policies -/4 E 1 Current Attempt in Progress Richard Smith, the controller of Sheridan Office Supply Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2028. Here are his findings: Type of Asset Date Acquired Accumulated Depreciation, Useful Life (in Years) Salvage Value Cost Jan. 1, 2028 Old Proposed Old Proposed Building Jan. 1, 2020 $2,660,000 $509,600 40 50 $112,000 $69,300 Warehouse Jan. 1, 2023 224,000 42,880 25 20 9,600 7,540 All assets are depreciated by the straight-line method. Sheridan Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Richard's proposed changes. (The "Proposed" useful life is total life, not remaining life.) (a) Compute the revised annual depreciation on each asset in 2028. Building Revised annual depreciation $ Save for Later Type of Asset Warehouse $ Attempts: 0 of 1 used Submit