Terry Wade, the new controller of Culver 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 Accumulated Depreciation Useful life (in Years) Salvage Value Cost Jan. 1, 2022 Old Proposed Old Proposed Building Jan. 1, 2016 $810,000 $114,900 Warehouse Jan. 1, 2017 110,000 21,180 229 40 25 350 50 $44,000 $43,900 20 4,100 13,820 All assets are depreciated by the straight-line method. Culver 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 life, not remaining life.) (a) Your answer is incorrect. Compute the revised annual depreciation on each asset in 2022. Revised annual depreciation eTextbook and Media eTextbook Video Building 13289.79 Warehouse 1530.61 Assistance Used (b) 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31