Terry Wade, the new controller of Pina Colada Company, has reviewed the expected usefullives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: All assets are depreciated by the straight-line method. Pina Colada 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.) Terry Wade, the new controller of Pina Colada Company, has reviewed the expected usefullives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: All assets are depreciated by the straight-line method. Pina Colada 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.)