E10-8B Dean Durler, the new controller of Flanigan 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 Type of Date Depreciation Asset Acquired Cost 1/1/17 Building 1/1/11 $1,000,000 $141,000 Warehouse 1/1/12 200,000 38,000 Useful Life in Years Salvage Value Old Proposed Old Proposed 40 50 $60,000 $45,000 25 20 10,000 12,000 All assets are depreciated by the straight-line method. Flanigan Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Dean'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