Current Attempt in Progress Terry Wade, the new controller of Monty Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Date Accumulated Depreciation Useful life in Years Salvage Value Type of Asset Acquired Cost 1/1/20 Old Proposed Old Proposed Building 1/1/14 $812,000 $115,800 40 50 $40,000 $36,200 Warehouse 1/1/15 120,000 23,100 25 20 4,500 35,400 All assets are depreciated by the straight-line method. Monty Company uses a calendar year in preparing annual financial statements After discussion, management has agreed to accept Terry's proposed changes. (a) Your answer is incorrect. Compute the revised annual depreciation on each asset in 2020. Revised annual depreciation Building Warehouse