Additional Exercise 251 Frank White the new controller of Youngman Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2018. His findings are as follows. Useful Life Salvage Value (in Years) Accumulated Depreciation, 1/1/18 Date of Proposed Acquired Old Old Asset Cost Proposed Building 1/1/12 $1,600,000 $228,000 $80,000 $52,000 40 50 Warehouse 1/1/13 207,000 40,000 25 20 7,000 5,000 ancial statements. After discussion, management has All assets are depreciated by the straight-line method. Youngman Company uses a agreed to accept Frank's proposed changes. alendar year in preparing annual Compute the revised annual depreciation on each asset in 2018. Type of Asset Building Warehouse Revised annual depreciation SHOW LIST OF ACCOUNTS SHOW SOLUTION Prepare the entry to record depreciation on the building in 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31