Terry Wade, the new controller of Grouper 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		$802,000		$114,000		40		50		$42,000		$58,800
Warehouse		Jan. 1, 2017		105,000		20,040		25		20		4,800		24,960

All assets are depreciated by the straight-line method. Grouper 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.)

Compute the revised annual depreciation on each asset in 2022.

		Building		Warehouse
Revised annual depreciation		$enter a dollar amount		$enter a dollar amount

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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title for the journal entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31	enter a debit amount	enter a credit amount