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please help me i dont understand Terry Wade, the new controller of Martinez Company, has reviewed the expected usefullives and salvage values of selected depreciable
please help me i dont understand
Terry Wade, the new controller of Martinez Company, has reviewed the expected usefullives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful life (in Years) Old Proposed Type of Asset Bullding Warehouse Accumulated Depreciation Jan 1, 2022 $114,600 21880 Date Acquired Cost Jan 1, 2016 $804,000 Jan 1, 2017 114.000 Salvage Value Old Proposed $40,000 $73,400 4,600 29,120 40 50 25 20 All assets are depreciated by the straight-line method. Martinez Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Terry's proposed changes (The Proposed useful life is total life, not remaining life.) (a) Compute the revised annual depreciation on each asset in 2022 Building Warehouse Revised annual depreciation $ Textbook and Media Listot Arcounte Save for Later Attempts: 0 of lused Submit Answer (b) Prepare the entry to record depreciation on the building in 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 eTextbook and Media List of Accounts Attems of used Submit Step by Step Solution
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