System Announcements Exercise 10-08 a-b (Part Level Submission) (Video) Terry Wade, the new controller of Swifty Company, has reviewed the expected useful lives and salvage va Useful life in Years Accumulated Depreciation Date Salvage Value Type of Asset Acquired Cost 1/1/20 Old Proposed Old Proposed Building 1/1/14 $830,000 $118,350 40 $41,000 50 $64,850 Warehouse 1/1/15 102,000 19,240 25 20 5,800 12,260 All assets are depreciated by the straight-line method. Swifty Company uses a calendar year in preparing annua (a) Compute the revised annual depreciation on each asset in 2020. on) tudy Building Warehouse Revised annual depreciation SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO SIMILAR EXERCISE > (b) The parts of this question.must be completbed in orde. This part will be available when you comolete the part above. Nandan ModogavalasA CALCULATOR PRINTER VERSIO s and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Value Proposed $64,850 12,260 Jar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed change VIDEO SIMILAR EXERCISE SUBMIT ANSWER SAVE FOR LATER Attempts: 0 of 3 used (b) Prepare the entry to record depreciation on the building in 2020. (Credit account titles are automatically indented w- for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO SINILAR EXERCISE