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Terry Wade, the new controller of Blossom Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of
Terry Wade, the new controller of Blossom Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2019. His findings are as follows. Accumulated Useful life Depreciation Salvage Value Date in Years Old Proposed Proposed Type of Asset Acquired 1/1/19 Old Cost $810,000 $114,750 50 $45.000 $74,850 Building 1/1/13 40 Warehouse 108,000 25 4,700 15,340 1/1/14 20,660 20 All assets are depreciated by the straight-line method. Blossom Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. (a) Compute the revised annual depreciation on each asset in 2019. Building Warehouse $ $ Revised annual depreciation
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