Lindy Weink, the new controller of Pharoah 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 (a) Date Acquired Jan. 1, 2009 Jan. 1, 2022 Building Your answer is correct. Cost $800,100 $ 125,450 Total Useful Life in Years Current Proposed Annual depreciation expense 38020 20 5 per year 30 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. per year 4 Residual Value Current For each asset, calculate the annual depreciation expense using the original estimated useful life and residual value. $39,700 4,560 Proposed $60,240 3,630

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