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Victor Mineli, the new controller of Sandhill Co., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of
Victor Mineli, the new controller of Sandhill Co., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Type of Asset Date Acquired Accumulated Depreciation, Jan. 1, 2022 Cost Old Proposed Old Proposed Building Jan. 1, 2014 $908,000 58 $65,500 $36,600 $168,500 29,680 40 25 Warehouse Jan 1, 2017 153,000 2 0 4,600 5,420 All assets are depreciated by the straight-line method. Sandhill Co. 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.) - Your answer is partially correct. Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $ 17572.5 7860
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