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Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning
Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings: Type of Asset Date Acquired Cost Accumulated Depreciation, Jan. 1, 2025 Useful Life (in years) Salvage Value Old Proposed Old Proposed Building Warehouse Jan. 1, 2017 Jan 1, 2020 $737,000 $134,400 40 58 $65,000 $36,700 121,000 23.290 25 20 4,550 5,100 All assets are depreciated by the straight-line method. Crane 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 2025. (Round answers to O decimal places, eg. 125) Revised annual depreciation eTextbook and Media List of Accounts Building Warehouse
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