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 2019. His findings are as follows. Date Type of Asset Acquired Building 1/1/13 Warehouse 1/1/14 Cost 5810,000 116,000 Accumulated Depreciation 1/1/19 $115,950 22,360 Useful life in Years Salvage Value Old Proposed Old Proposed 40 50 $37,000 $73,650 25 20 4,200 27,640 All assets are depreciated by the straight-line method. Sheffield Corpuses a calendar year in preparing annual financial statements. After discussion management has agreed to accept Terry's proposed changes Your answer is incorrect Compute the revised annual depreciation on each asset in 2019. Building Revised annual depreciations e Textbook and Media List of Accounts Your answer is partially correct. Prepare the entry to record depreciation on the building in 2019. (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) Debit Credit Date Account Titles and Explanation Dec 31 Depreciation pense Accumulated Depreciation Buildings e Textbook and Media List of Accounts Save for Later Attempts: 3 of 5 used Submit