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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
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: Type of Asset Date Acquired Accumulated Depreciation, Useful Life (in years) Salvage Value Cost Jan. 1, 2022 Old Proposed Old Proposed Building Warehouse Jan. 1, 2014 $922,000 $170,400 40 58 Jan. 1,2017 118,000 22,340 25 20 82 $70,000 $35,400 6,300 2,660 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) Your answer is incorrect. Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 125) Building Revised annual depreciation $ Warehouse
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