Lindy Weink, the new controller of Crane 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:

$$

Type of Asset

Date Acquired

Cost

Total Useful Life in Years

Residual Value

Current

Proposed

Current

Proposed

Building

Jan. $1,2009$

$$800,200$

$20$

$30$

$$39,700$

$$60,100$

Equipment

Jan. $1,2022$

$125,130$

$5$

$4$

$4,530$

$3,720$

After discussion, management agrees to accept Lindy's proposed changes. All assets are depreciated by the straight$-$line method rane Company has a December $31$ year end.