PART B) Prepare the entry to record depreciation on the building in 2020. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Terry Wade, the new controller of Concord Corporation, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Date Cost Useful life in Years Old Proposed 40 50 Type of Asset Building Warehouse Accumulated Depreciation 1/1/20 $114,900 22,720 Acquired 1/1/14 1/1/15 Salvage Value Old Proposed $45,000 $49,300 4,400 35,280 $811,000 118,000 25 20 All assets are depreciated by the straight-line method. Concord Corporation uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. (a) Compute the revised annual depreciation on each asset in 2020. Building Warehouse Revised annual depreciation $