Lindy Weink, the new controller of Crane Company, has reviewed the expected useful lives and residual values of selected depreciable assets at December 31, 2021. (Depreciation for 2021 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, 2006 $800,400 20 30 $39,700 $60,270 Jan. 1, 2019 125,470 5 4 4,840 3,500 After discussion, management agrees to accept Lindy's proposed changes. All assets are depreciated by the straight-line method. Crane Company has a December 31 year end.