ACC220 Lab #2 Winter 2022 Question 4 of 7 -/20 Lindy Weink, the new controller of Sheridan Company, has reviewed the expected useful lives and residual values of selected depreciable assets at December 31, 2021. (Depreciation for 2021 has not been recorded yet.) Her findings are as follows: Total Useful Life in Years Residual Value Type of Asset Building Date Acquired Jan. 1, 2006 Cost Current Proposed Current Proposed $800,100 20 30 $39.600 $60.330 Equipment Jan. 1,2019 125,340 5 4 4,690 3.990 After discussion, management agrees to accept Lindy's proposed changes. All assets are depreciated by the straight-line method Sheridan Company has a December 31 year end. For each asset, calculate the annual depreciation expense using the original estimated useful life and residual value, Annual depreciation expense 16:26 ENG 29-01-2022