Victor Mineli, the new controller of Pharoah 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 asset	date acquired	cost	accumulated depreciation Jan 1 2017	useful life in years Old/Proposed	salvage value old/proposed
building	jan 1 2009	$728500	$134200	40/48	$57500/ $36100
warehouse	jan 1 2012	$161500	$31200	25/20	$5500/ $5100

All assets are depreciated by the straight-line method. Pharoah 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.)

A. Compute the revised annual depreciation on each asset in 2017

	Building	Warehouse
Revised annual depreciation	?	?

B. Prepare the entry to record depreciation on the building in 2017