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Victor Mineli, the new controller of Santorini Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of
Victor Mineli, the new controller of Santorini Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Cost Type of Asset Building Warehouse Date Acquired Jan. 1, 2014 Jan. 1, 2017 Accumulated Depreciation, Jan. 1, 2022 $130,000 23,000 Useful Life (in years) old Proposed 40 58 25 20 Salvage Value Old Proposed $50,000 $35,000 5,000 3.595 $700,000 120,000 All assets are depreciated by the straight-line method. Santorini 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 each asset in 2022. (Round answers to 0 decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $ $
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