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Lindy Weink, the new controller of Cullumber Company, has reviewed the expected useful lives and residual values of selected depreciable assets at December 31, 2024.
Lindy Weink, the new controller of Cullumber 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: After discussion, management agrees to accept Lindy's proposed changes. All assets are depreciated by the straight-line method. Cullumber Company has a December 31 year end. For each asset, calculate the revised annual depreciation expense and the carrying amount at December 31,2024
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