OURCES ng bz Exercise 10-08 a-b (Video) Terry Wade, the new controller of Concord Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His Accumulated Useful life Date Depreciation in Years Salvage Value Type of Asset Acquired Cost 1/1/20 Old Proposed Old Proposed Building 1/1/14 $829,000 $117,750 40 SO $44,000 $77,650 Warehouse 1/1/15 108,000 20,740 25 20 4,300 21,260 y Study All assets are depreciated by the straight-line method. Concord Company uses a calendar year in preparing annual financial statements. After discussion, management has Compute the revised annual depreciation on each asset in 2020. Building Warehouse Revised annual depreciation SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE Prepare the entry to record depreciation on the building in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manual Date Account Titles and Explanation Debit Credit Dec. 31 Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO STRELAR EXERCISE ny, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows ated Useful be tion in Years Salvage Value Old Proposed old Proposed .750 40 50 $44,000 $77,650 ,740 25 20 4,300 21,260 hod. Concord Company uses a calendar year in preparing annual financal statements. After discussion, management has agreed to accept Terry's proposed changes. asset in 2020. Varehouse VIDEO SEMILAR EXERCISE uilding in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accountitles and Debit Credit questions Open Show Work VIDEO SIMILAR EXERCISE Question Attempts: 0