Lets see those Skills!

Exercise 10-08 a-b (Video) Terry Wade, the new controller of Whispering Winds Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows Useful life in Years Accumulated Salvage Value Date Depreciation Old Proposed Type of Asset Acquired Proposed Cost 1/1/20 Old 1/1/14 50 $37,000 $60,600 Building $805,000 $115,200 40 1/1/15 100,000 11,820 Warehouse 19,180 25 20 4,100 All assets are depreciated by the straight-line method. Whispering Winds Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. Your answer is partially correct. Try again. Compute the revised annual depreciation on each asset in 2020. Building Warehouse Revised annual depreciation 157300 4600 SHOW LIST OF ACCOUNTS LINK TO XT VIDEO: SIMILAR EXERCISE X Your answer is incorrect. Try again 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 x Dec. 31 X