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 2022. Here are his findings Useful Life (in years) Type of Asset Date Acquired Accumulated Depreciation Jan 1, 2022 Cost Old Proposed Salvage Value Old Proposed $ 65,000 $36.700 4,550 5,100 Building $134.400 40 58 Jan 1, 2014 Jan 1, 2017 $737,000 121,000 Warehouse 23,290 25 20 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.) 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 2022. Here are his findings Useful Life (in years) Type of Asset Date Acquired Accumulated Depreciation Jan 1, 2022 Cost Old Proposed Salvage Value Old Proposed $ 65,000 $36.700 4,550 5,100 Building $134.400 40 58 Jan 1, 2014 Jan 1, 2017 $737,000 121,000 Warehouse 23,290 25 20 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.)