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please solve all thanks Victor Minell, the new controller of Wildhorse Co., has reviewed the expected useful lives and salvage values of selected depreciable assets
please solve all thanks
Victor Minell, the new controller of Wildhorse Co., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his findings Type of Useful Life (in years) Salvage Value Date Acquired Accumulated Depreciation Jan. 1. 2017 Asset Cost Old Proposed Old Proposed Building $985,000 40 48 $59.000 $36,100 Jan. 1.2009 Jan. 1.2012 $185.200 23,590 Warehouse 124.000 25 20 6,050 4,300 All assets are depreciated by the straight line method. Wildhorse Couses a calendar year in preparing annual financial statements After discussion, management has agreed to accept Victor's proposed changes, (The Proposed useful life is totallire, not remaining life) Your answer is incorrect. Compute the revised annual depreciation on each asset in 2017. (Round answers to decimal places, eg. 125.) Building Warehouse Revised annual depreciation $ eTextbook and Media List of Accounts Prepare the entry to record depreciation on the building in 2017. (Round answers to O decimal places, eg. 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 for the amounts: Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation Buildings Step by Step Solution
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