Lindy Weink, the new controller of Oriole 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 Building Equipment Date Acquired Jan. 1, 2009 Jan. 1, 2022 Cost $800,300 125,000 Total Useful Life in Years Current 20 5 Proposed 30 4 Residual Value Current Proposed $60,260 $39,740 4,820 3,880 After discussion, management agrees to accept Lindy's proposed changes. All assets are depreciated by the straight-line method. Oriole Company has a December 31 year end.

Lindy Weink, the new controller of Oriole 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. Oriole Company has a December 31 year end. For each asset, calculate the annual depreciation expense using the original estimated useful life and residual value. Your answer is correct. Calculate the carrying amount of each asset as at January 1, 2024. For each asset, calculate the revised annual depreciation expense and the carrying amount at December 31,2024