Two Question

Mike Geary, the controller of Shellhammer Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022 . Here are his finding: All assets are depreciated by the straight-line method. Shellhammer Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Mike's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Instructions (a) Compute the revised annual depreciation on each asset in 2022. (Show computations.) (b) Prepare the entry (or entries) to record depreciation on the building in 2022. Question2 Baffaldini Vineyard Company sold the following two pieces of equipment in 2022: Joumalize all entries required to update depreciation and record the sales of the two assets in 2022 . The company has recorded depreciation on the equipment through December 31,2021 . Chpter 9 Assignment Question1: Mike Geary, the controller of Shellhammer Company, has reviewed the expected useful lives 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. Shellhammer Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Mike's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Instructions (a) Compute the revised annual depreciation on each asset in 2022. (Show computations.) (b) Prepare the entry (or entries) to record depreciation on the building in 2022. Question2 Raffaldini Vineyard Company sold the following two pieces of equipment in 2022: Journalize all entries required to update depreciation and record the sales of the two assets in 2022 . The company has recorded depreciation on the equipment through December 31, 2021