Congratulations, you are the new controller of Alex Company, and you have reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2021. Your findings are as follows. Accumulated Useful Life in Years Type of Salvage Value Date Acquired Depreciation 1/1/21 Asset Cost Old Old Proposed Proposed 20 Warehouse 1/1/16 207,000 40,000 25 7,000 5,000 All assets are depreciated by the straight-line method. Alex Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept your proposed changes. Instructions Compute the revised annual depreciation on the above asset in 2021. (Show computations.) (b) Prepare the entry (or entries) to record depreciation on the asset in 2021.