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Lindy Weink, the new controller of Carla Vista Company, has reviewed the expected useful lives and residual values of selected depreciable assets at December
Lindy Weink, the new controller of Carla Vista Company, has reviewed the expected useful lives and residual values of selected depreciable assets at December 31, 2024. (Depreciation for 2024 has not been recorded yet.) Her findings are as follows: Total Useful Life in Years Residual Value Type of Asset Building Equipment Date Acquired Cost Current Proposed Current Proposed Jan. 1, 2009 $800,200 20 30 $40,000 $60,100 Jan. 1.2022 125,230 5 4,830 3,720 After discussion, management agrees to accept Lindy's proposed changes. All assets are depreciated by the straight-line method. Carla Vista Company has a December 31 year end. (a) For each asset, calculate the annual depreciation expense using the original estimated useful life and residual value
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