Victor Minel, the new controlar 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) Salvare Value Type of Asset Date Acquired Cost Jan 1, 2014 $200,500 Jan 1, 2017 117.000 Accumulated Depreciation Jan. 1.2022 $147,300 22,440 Building Warehouse Old 40 25 Proposed 59 20 Old $54,000 4,800 Proposed $35,800 4560 Al 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 Victor's proposed changes. The "Proposed useful life is total life, not remaining life.) X Your answer is incorrect Compute the revised annual depreciation on each asset in 2022. (Round answers to decimal places, eg. 125.) Building - Warehouse Revised annual depreciation 15.435 5.994 e Textbook and Media List of Accounts - Your answer is partially correct Prepare the entry to record depreciation on the building in 2022. (Round answers to decimal places. eg. 125. 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.) Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation Buildings 5.994