Exercise 9-08 a-b (Video) Terry Wade, the new controller of Tamarisk, Inc., 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 $807,000 106,000 Accumulated Depreciation 1/1/20 $115,800 20,360 Useful life in Years Salvage Value Old Proposed Old Proposed 40 50 $35,000 $66,400 25 20 4,200 24,140 All assets are depreciated by the straight-line method. Tamarisk, 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 $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE 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 "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 Click if you would like to Show Work for this question: Open Show Work