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Victor Mineli, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of
Victor Mineli, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Useful Life (in years) Type of Asset Date Acquired Salvage Value Cost Depreciation, Jan. 1, 2022 Old Proposed Old Proposed Building Jan. 1. 2014 $806,000 $149,200 40 58 $60,000 $36,800 Warehouse Jan. 1, 2017 150,500 28,820 25 20 20 6,400 4,200 All assets are depreciated by the straight-line method. Sheridan 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.) -/1 1 All assets are depreciated by the straight-line method. Sheridan 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 O decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $ $
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