Terry Wade, the new controller of Flounder 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) Type of Asset Acquired Cost Jan. 1, 2022 Old Proposed Old Salvage Value Proposed Building Jan. 1, 2016 $802,000 $114,000 40 50 $42,000 $28,000 Warehouse Jan. 1, 2017 115,000 22,200 25 20 4,000 31,300 All assets are depreciated by the straight-line method. Flounder 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) Compute the revised annual depreciation on each asset in 2022. Building Revised annual depreciation $ eTextbook and Media Warehouse (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 Dec. 31 Debit Credit