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 2025. Here are his findings: Type of Asset Building Warehouse Date Acquired Jan. 1, 2017 Jan. 1, 2020 Cost $800,500 117,000 Accumulated Depreciation, Jan. 1, 2025 $147,300 22,440 Useful Life (in years) Old Proposed 40 25 58 20 Salvage Value Old $64,000 4,800 Proposed $35,800 4,560 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 Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.)

Victor Mineli, the new controller of Pharoah Company, has reviewed the expected useful lives and salvage values of selected deprectable assets at the beginning of 2025. Here are his findings: 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 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 0 decimal ploces, es. 125) b) Prepare the entry to record depreciation on the building in 2025. Qist debit entry before credit entry Credit occount titles are automatically indented when amount is entered. Do not indent monually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)