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please show steps. i would like to practice Exercise 9-6 Victor Mineli, the new controller of Pbargah Company, has reviewed the expected useful lives and
please show steps. i would like to practice
Exercise 9-6 Victor Mineli, the new controller of Pbargah 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 Asset Date Acquired Jan. 1, 2009 Cost $728,500 Accumulated Depreciation, Jan. 1, 2017 $134,200 Useful Life (in years) Old Proposed 40 4 8 Salvage Value Old Proposed $57,500 $36,100 Building Warehouse 2012 Jan. 1, 161,500 31,200 25 2 0 5,500 5,100 All assets are depreciated by the straight-line method. Pharoah 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 o decimal places, e.g. 125.) Building Warehouse Revised annual depreciation SHOW LIST OF ACCOUNTS VIDEO: SIMILAR EXERCISE LINK TO TEXT Prepare the entry to record depreciation on the building in 2017. (Round answers to o decimal places, e.g. 125. 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 o for the amounts.) Account Titles and Explanation Debit Step by Step Solution
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