U UT:42:21 Hlue me urrent Attempt in Progress Kenneth Geary, the controller of Pharoah Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in Years) Salvage Value Old Accumulated Depreciation, Jan. 1, 2022 Proposed Old Type of Asset Proposed Date Acquired Cost Building Jan. 1, 2014 $2,720,000 $519,400 50 $124,000 $88,000 Warehouse Jan. 1, 2017 247,000 50,000 25 20 29,000 26,000 All assets are depreciated by the straight-line method. Pharoah Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Kenneth's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2022. Type of Asset Building Warehouse Revised annual depreciation $ Prepare the entry (or entries) to record depreciation on the building in 2022. (Credit account titles are automatically indented when the 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