Terry Wade, the new controller of Riverbed Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Cost Type of Asset Building Warehouse Date Acquired 1/1/14 1/1/15 Accumulated Depreciation 1/1/20 $115,950 22,360 Useful life in Years Old Proposed 40 50 25 20 $810.000 116,000 Salvage Value Old Proposed $37,000 $73,650 4,200 27,640 All assets are depreciated by the straight-line method. Riverbed Company 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 $ Prepare the entry to record depreciation on the building in 2020. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 e Textbook and Media List of Accounts Save for later Attempts: 0 of 3 used Submit