Terry Wade, the new controller of Sheffield Corp., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Accumulated Depreciation Useful life in Years Date Salvage Value Type of Asset Proposed Old Proposed Acquired 1/1/14 Cost $810,000 Building 1/1/20 $115,950 22,360 Old 40 25 50 $37,000 20 4,200 $73,650 27,640 Warehouse 1/1/15 116,000 All assets are depreciated by the straight-line method. Sheffield Corp. uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. Compute the revised annual depreciation on each asset in 2020. Building Warehouse Revised annual depreciation $ e Textbook and Media List of Accounts 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31