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
Asset		Acquired		Cost		Jan. 1, 2014		Old		Proposed		Old		Proposed
Building		Jan. 1, 2006		$923,600		$170,718		40		48		$70,010		$36,560
Warehouse		Jan. 1, 2009		133,700		25,606		25		20		5,670		4,650

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.)

Compute the revised annual depreciation on each asset in 2014

Prepare the entry (or entries) to record depreciation on the building in 2014.