Terry Wade, the new controller of Bridgeport Company, has reviewed the expected usefullives and salvage values of selected depreciable assets at the beginning of 2022 . Here are his findings: Type of Asset {:[" Date "],[" Acquired "]:} Cost {:[" Accumulated "],[" Depreciation "],[" Jan. 1, "2022]:} {:[" Useful life "],[" (in Years) "]:} Salvage Value Old Proposed Old Proposed Building Jan 1,2016 $811,000 $114,900 40 50 $45,000 $49,300 Warchouse Jan .1,2017 118,000 22,720 25 20 4,400 35,280 All assets are depreciated by the straight-line method. Bridgeport Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Terry's proposed changes. (The "Proposed" useful life is total