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Exerclse 9-07 (Part Level Submission) Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable
Exerclse 9-07 (Part Level Submission) Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (In years) Accumulated Deprecation, Jan. 1, 2022 Salvage Value Type of Asset Date Old Proposed Old Proposed Acquired Cost $162,800 $36,900 $869,500 40 $55,500 Jan. 1, 2014 58 Bulding 28,750 25 20 5,250 3,400 Jan. 1, 2017 149,000 Warehouse All assets are depreciated by the straight-line method. Crane Company usses a calendar year in preparing annual financial statements. Arter discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) (a) Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.) Warehouse Bullding Revised annual depreciation Open Show Work Click If you would like to Show Work for this question: SHOW LIST OF ACCOUNTS LINK TO V1DEO LINK TO TEXT SUBMIT ANSWER SAVE FOR LATER Attempts: 0 of 6 used
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