8)

Victor Minell, the new controller of Kingbird, Inc, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Date Accumulated Depreciation Useful life (in years) Salvage Value Type of Asset Acquired Cost Jan 1, 2022 Old Proposed old Proposed Building Jan 1, 2014 $805.000 $153,600 40 58 $37.000 $36,400 Warehouse Jan 1, 2017 100,000 19.190 25 20 4.100 11,820 All assets are depreciated by the straight line method, Kingbird, Inc uses a calendar year in preparing annual adjusting entries and financial statements. After discussion management has agreed to accept Victor's proposed changes, (The Proposed useful life is totallite, not remaining life.) Compute the revised annual depreciation on each asset in 2022 Building Warehouse Revised annual depreciation Prepare the entry to record depreciation on the building in 2022. (Credit account title ore automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 eTextbook and Media List of Accounts