CALCULATOR Exercise 9-07 Victor Minell, the new controller of Cullumber Company, has reviewed the expected useful lives and salvage values of selected depreciable set the beginning of 2022 Here are his findings: Old Accumulated Useful Life (in Type of Date Depreciation, years) Salvage Value Asset Acquired Cost Jan 1, 2022 Old Proposed Proposed Building Jan 1, 2014 $946,500 $177,200 40 58 $60,500 $35,100 Warehouse Jan 1, 2017 130,000 24,710 25 20 6,450 4,700 All assets are depreciated by the straight-line method. Cullumber 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 o decimal places, e.g. 125.) Building Warehouse Revised annual depreciation LINK TO VIDEO Prepare the entry to record depreciation on the building in 2022. (Round answers to o decimal places, e.g. 125. Credit ac when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles ar 0 Account Titles and Explanation Debit Credit 2 5 27 34 41 55 Click if you would like to Show Work for this question: Open Show Work Study SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Question Attempts: 0 of 5 used