Exercise 238 Mike Geary, the controller of Shellhammer Company, has reviewed the expected useful lives and salage values of selected depreciable assets at the beginning of 2017. Here are his findings: Useful Life (in Years) Salvage Value Type of Asset Date Acquired Accumulated Depreciation, Old Proposed old Jan. 1, 2017 Cost Building $120,000 $84,000 8,000 Jan. 1, 2009 $2,700,000 $516,000 40 Warehouse Jan. 1, 2012 240,000 46,000 25 20 10,000 All assets are depreciated by the straight-line method. Shellhammer Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Mike's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2017. (Show computations.) Type of Asset Building Warehouse Revised annual depreciation Prepare the entry (or entries) to record depreciation on the building in 2017. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31