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 2025. Here are his findings: Type of Asset Building Warehouse Date Acquired Jan. 1, 2017 (a) Jan. 1, 2020 Cost $990,000 Dovicod annualdepreciation 127,000 Accumulated Depreciation, Jan. 1, 2025 $187,200 $ 24,290 Useful Life (in years) Old Proposed 40 Building 25 58 20 Salvage Value Old 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 Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Warehouse $54,000 Compute the revised annual depreciation on each asset in 2025. (Round answers to O decimal places, e.g. 125.) 5,550 Proposed $37,100 5,210

Victor Mineli, the new controller of Ivanhoe Company, has reviewed the expected useful iives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings: 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 Victor's proposed changes: (The "Proposed" useful life is total life, not remaining life.) (a) Compute the revised annual depreciation on eich asset in 2025. (Round ansvers to 0 decimal ploces, es. 125.)