Exercise 9-7 Lisa kim, the new controller of Lafrenire Company, has reviewed the expected useful lives and residual values of selected depreciable assets at December 31, 2014. (Depreciation for 2014 has not been recorded yet.) Her findings are as follows: Cost Type of Asset Building Equipment Date Acquired Jan. 1, 2002 Jan 1, 2012 Total Useful Life in Years Current Proposed 22 32 5 Residual Value Current Proposed $39,640 $60,060 4,650 3,980 $800,060 125,140 After discussion, management agrees to accept Lisa's proposed changes. All assets are depreciated by the straight-line method. Lafreniere Company has a December 31 year end. For each asset, calculate the annual depreciation expense using the original estimated useful life and residual value. (Round answers to 0 decimal places, e.g. 5,275.) Annual depreciation expense Building $ per year Equipment per year Calculate the carrying amount of each asset as at January 1, 2014. (Round answers to o decimal places, e.g. 5,275.) Carrying amount Building $ Equipment $ For each asset, calculate the revised annual depreciation expense and the carrying amount at December 31, 2014. (Round answers to 0 decimal places, e.g. 5,275.) Annual depreciation expense Building $ per year Equipment Carrying amount Building $ Equipment