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Victor Mineli, the new controller of Blossom Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of
Victor Mineli, the new controller of Blossom Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Useful Life (in years) Salvage Value Type of Asset Date Acquired Depreciation, Cost Jan. 1, 2022 Old Proposed Old Proposed Building Warehouse Jan, 1, 2014 Jan. 1, 2017 $700,000 $129,900 40 58 $50,500 $35,100 115,000 22.100 25 20 4,500 2.900 All assets are depreciated by the straight-line method. Blossom 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.) Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 125.) Revised annual depreciation Building 10918 Warehouse 5625
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