Lindy Weink, the new controller of Cullumber 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		Date Acquired		Cost		Current		Proposed		Current		Proposed
Building		Jan. 1, 2006		$800,500		20		30		$39,840		$60,220
Equipment		Jan. 1, 2019		125,050		5		4		4,580		3,880

After discussion, management agrees to accept Lindys proposed changes. All assets are depreciated by the straight-line method. Cullumber Company has a December 31 year end.

For each asset, calculate the annual depreciation expense using the original estimated useful life and residual value.

		Annual depreciation expense
Building		$enter a dollar amount per year per year
Equipment		$enter a dollar amount per year per year

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Calculate the carrying amount of each asset as at January 1, 2021.

		Carrying amount
Building		$enter a dollar amount
Equipment		$enter a dollar amount

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For each asset, calculate the revised annual depreciation expense and the carrying amount at December 31, 2021.

		Annual depreciation expense
Building		$enter a dollar amount per year per year
Equipment		$enter a dollar amount

		Carrying amount
Building		$enter a dollar amount
Equipment		$enter a dollar amount