Donald Geary, the controller of Ivanhoe Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in Years) Salvage Value Type of Asset Old Proposed Old Proposed Accumulated Depreciation, Jan. 1, 2022 $526,800 71,000 Date Acquired Cost Jan. 1, 2014 $2,725,000 Jan 1, 2017 247,000 Building Warehouse 40 25 5 0 20 $143,000 31,000 $94,000 23,000 All assets are depreciated by the straight-line method. Ivanhoe Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Donald's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2022. Type of Asset Building Warehouse Revised annual depreciation $ Prepare the entry for entries) to record depreciation on the building in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Dec 31