Terry Wade, the new controller of Pina Colada Corp., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows.

		Date				Accumulated Depreciation		Useful life in Years				Salvage Value
Type of Asset		Acquired		Cost		1/1/20		Old		Proposed		Old		Proposed
Building		1/1/14		$828,000		$118,950		40		50		$35,000		$88,650
Warehouse		1/1/15		120,000		23,160		25		20		4,200		21,840

All assets are depreciated by the straight-line method. Pina Colada Corp. uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terrys proposed changes.

Exercise 9-08 a-b (Video) (Part Level Submission) Terry Wade, the new controller of Pina Colada Corp., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Type of Asset Building Warehouse Date Acquired 1/1/14 1/1/15 Cost $828,000 120,000 Accumulated Depreciation 1/1/20 $118,950 23,160 U seful life in Years Old Proposed 40 50 25 20 Salvage Value Old Proposed $35,000 $88,650 4,200 21,840 All assets are depreciated by the straight-line method. Pina Colada Corp. uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. (a) Compute the revised annual depreciation on each asset in 2020. Building Warehouse Revised annual depreciation Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE