Terry Wade, the new controller of Hellickson 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		$800,000		$114,000		40		50		$40,000		$26,000
Warehouse		Jan. 1, 2017		100,000		19,000		25		20		5,000		6,000

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

New attempt is in progress. Some of the new entries may impact the last attempt grading.

Your answer is incorrect.

Compute the revised annual depreciation on each asset in 2022.

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