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Victor Mineli, the new controller of Cullumber Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning
Victor Mineli, the new controller of Cullumber 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 Accumulated Depreciation, Useful Life (in years) Salvage Value Cost Jan. 1, 2025 Old Proposed Old Proposed Building Jan. 1, 2017 $984,500 $182,900 40 58 $70,000 $36,600 Warehouse Jan. 1, 2020 168,500 32,490 25 20 6,050 4,400 All assets are depreciated by the straight-line method. Cullumber 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, e.g. 125.)
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