MALENEX Question 4 Victor Mineli, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his findings: Type of Accumulated Useful Life (in Date Depreciation, years) Asset Acquired Salvage Value Cost Jan 1, 2017 Old Building Proposed Jan. 1, 2009 $806,000 Old Proposed $149,200 40 Warehouse Jan. 1, 2012 150,500 $60,000 $36,800 28,820 25 6,400 4,200 All assets are deprecated by the straight-line method. Sheridan Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The Proposed useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2017. (Round answers to Building Warehouse Revised annual depreciation decimal places, e.. 125.) Prepare the entry to record depreciation on the building in 2017. (Round answers to Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) decimal places, e.g. 125. Credit account titles are automatically Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation Buildings