Exercise 10-08 a-b (Part Level Submission) (Video) Terry Wade, the new controller of Monty Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows: Date Type of Asset Acquired Building 1/1/14 Warehouse 1/1/15 Cost $812,000 120,000 Accumulated Depreciation 1/1/20 $115,800 23,100 Useful life in Years Old Proposed 40 SO 25 20 Salvage Value old Proposed $40,000 $36,200 1,500 35,400 All assets are depreciated by the straight-line method. Monty Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes Your answer is incorrect. Try again. Compute the revised annual depreciation on each asset in 2020 Building Warehouse Revised annual depreciation Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS