Danny Venable, the new controller of Seratelli Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2014. Here are his findings:

Type of	Date	Accumulated Depreciation,	Useful Life (in years)	Salvage Value
Acquired	Cost	Jan. 1, 2014	Old	Proposed	Old	Proposed
Building	Jan. 1, 2006	$700,000	$130,000	40	48	$50,000	$35,000
Warehouse	Jan. 1, 2009	120,000	23,000	25	20	5,000	3,600

All assets are depreciated by the straight-line method. Seratelli Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Dannys proposed changes. (The Proposed useful life is total life, not remaining life.)

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Compute the revised annual depreciation on each asset in 2014.(Round answers to 0 decimal places, e.g. 125.)

Building	Warehouse
Revised annual depreciation	$	$

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Prepare the entry (or entries) to record depreciation on the building in 2014.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit