Tarek Ismail the new controller of Hope Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2021. His findings are as follows. Accumulated Useful Life Type of Asset Date Acquired Depreciation in Years Salvage Value Cost 1/1/21 Old Proposed Old Proposed Buildings 1/1/15 $1,600,000 $228,000 40 50 $80,000 $52,000 Warehouse 1/1/16 207,000 40,000 25 20 7,000 5,000 All assets are depreciated by the straight-line method. Hope Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Tarek's proposed changes. Required: (a) Compute the revised annual depreciation on each asset in 2021. (Show computations.) 8 marks (b) Prepare the entry (or entries) to record depreciation on the building in 2021. 2 marks