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Victor Mineli, the new controller of Ivanhoe Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of

Victor Mineli, the new controller of Ivanhoe Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his findings:

Type of

Date

Accumulated Depreciation,

Useful Life (in years)

Salvage Value

Asset

Acquired

Cost

Jan. 1, 2017

Old

Proposed

Old

Proposed

Building Jan. 1, 2009 $857,000 $159,100 40 48 $61,500 $35,300
Warehouse Jan. 1, 2012 129,500 24,960 25 20 4,700 5,240

All assets are depreciated by the straight-line method. Ivanhoe Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victors proposed changes. (The Proposed useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2017. (Round answers to 0 decimal places, e.g. 5,275.)

Building

Warehouse

Revised annual depreciation $

$

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