US Support sations Terry Wade, the new controller of Tamarisk, Inc., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. U Date Accumulated Depreciation seful life in Years Salvage Value Type of Asset Building Warehouse Acquired 1/1/14 1/1/15 Cost $807,000 106,000 1/1/20 $115,800 20,360 Old 40 25 Proposed Old 5 0 $35,000 20 4.200 Proposed $66,400 24,140 All assets are depreciated by the straight-line method. Tamarisk, Inc. 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 eTextbook 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