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Current Attempt in Progress Victor Mineli, the new controller of Oriole Company, has reviewed the expected useful lives and salvage values of selected depreciable assets
Current Attempt in Progress Victor Mineli, the new controller of Oriole Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Date Acquired Jan. 1, 2014 Jan. 1. 2017 Type of Asset Building Warehouse Useful life (in years) old Proposed 40 58 Accumulated Depreciation Jan. 1, 2022 $157.800 19,240 Cost $830,000 102,000 Salvage Value Old Proposed $41,000 $37,200 5,800 12,260 25 20 All assets are depreciated by the straight-line method. Oriole Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) (a) Compute the revised annual depreciation on each asset in 2022. Building Warehouse Revised annual depreciation $
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