Terry Wade, the new controller of Concord Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Accumulated Useful life Date Depreciation in Years Type of Asset Acquired Cost 1/1/20 Old Proposed Old Salvage Value Proposed Building 1/1/14 $825,000 $117,000 40 50 $45,000 $52,400 Warehouse 1/1/15 115,000 22,180 25 20 4,100 20,820 All assets are depreciated by the straight-line method. Concord Company uses a calendar year in preparing annual financial i statements. After discussion, management has agreed to accept Terry's proposed changes. (a) Compute the revised annual depreciation on each asset in 2020. Revised annual depreciation Building Warehouse