E10-8 Terry Wade, the new controller of Hellickson Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. His findings are as follows Accumulated Useful Life in YearsSalvage Value Type of Asset Acquired Cost Date Depreciation 1/1/17 Old ProposedOld Proposed Building 1/1/11 $800,000 $114,000 40 50 $40,000 $26,000 5,000 6,000 Warehouse 1/1/12 100,000 19,000 25 20 All assets are depreciated by the straight-line method. Hellickson Company uses a cal- endar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. Instructions (a) Compute the revised annual depreciation on each asset in 2017. (Show computations.) (b) Prepare the entry (or entries) to record depreciation on the building in 2017. E10-8 Terry Wade, the new controller of Hellickson Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. His findings are as follows Accumulated Useful Life in YearsSalvage Value Type of Asset Acquired Cost Date Depreciation 1/1/17 Old ProposedOld Proposed Building 1/1/11 $800,000 $114,000 40 50 $40,000 $26,000 5,000 6,000 Warehouse 1/1/12 100,000 19,000 25 20 All assets are depreciated by the straight-line method. Hellickson Company uses a cal- endar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. Instructions (a) Compute the revised annual depreciation on each asset in 2017. (Show computations.) (b) Prepare the entry (or entries) to record depreciation on the building in 2017