Exercise 9-08 a-b (Video) Terry Wade, the new controller of Windsor, Inc., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Type of Asset Building Warehouse Date Acquired 1/1/14 1/1/15 Cost $821,000 115,000 Accumulated Depreciation 1/1/20 $116,700 22,180 Useful life in Years old Proposed 40 50 25 20 Salvage Value old Proposed $43,000 $57,500 4,100 20,820 All assets are depreciated by the straight-line method. Windsor, Inc. uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. Compute the revised annual depreciation on each asset in 2020. Building Warehouse Revised annual depreciation Prepare the entry to record depreciation on the building in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select " Date Account Titles and Explanation Debit Credit Dec. 31