Terry Wade, the new controller of Concord Company, has reviewed the expected usefullives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings:

		Date				Accumulated Depreciation		Useful life (in Years)				Salvage Value
Type of Asset		Acquired		Cost		Jan. 1, 2022		Old		Proposed		Old		Proposed
Building		Jan. 1, 2016		$825,000		$117,000		40		50		$45,000		$52,400
Warehouse		Jan. 1, 2017		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 adjusting entries and financial statements. After discussion, management has agreed to accept Terrys proposed changes. (The Proposed useful life is total life, not remaining life.)

(a) * Your answer is incorrect. Compute the revised annual depreciation on each asset in 2022. Building Warehouse Revised annual depreciation $ 13112 $ 3600 (b) -- Your answer is partially correct. Prepare the entry to record depreciation on the building in 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense Accumulated Depreciation-Buildings