Lindy Weink, the new controller of Pharoah 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 $800,100 20 30 $39,700 $60,240 Equipment Jan. 1, 2019 125,450 5 4 4,560 3.630 After discussion, management agrees to accept Lindy's proposed changes. All assets are depreciated by the straight-line method. Pharoah Company has a December 31 year end. X Your answer is incorrect. For each asset, calculate the revised annual depreciation expense and the carrying amount at December 31, 2021. Annual depreciation expense Building $ 24,662 per year Equipment $ 30,455 Carrying amount Building $ 430,170 Equipment $ 65,540