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: Useful Life (in years) Salvage Value Cost Old Accumulated Depreciation, Jan. 1, 2022 $149,200 28,820 Type of Asset Building Warehouse Old Date Acquired Jan. 1, 2014 Jan. 1, 2017 Proposed 58 40 $806,000 150,500 $60,000 6,400 Proposed $36,800 4,200 25 20 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.) X Your answer is incorrect. Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $ 655880 4699 Your answer is partially correct. Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 655880 Accumulated Depreciation-Buildings 655880