Victor Mineli, the new controller of Wildhorse Co., has reviewed the expected useful lives and salvage...

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Victor Mineli, the new controller of Wildhorse Co., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings: Type of Asset Date Acquired Accumulated Depreciation, Useful Life (in years) Salvage Value Cost Jan. 1, 2025 Old Proposed Old Proposed Building Warehouse Jan. 1, 2017 $985,000 $185,200 40 58 $59,000 $36,100 Jan. 1, 2020 124,000 23,590 25 20 6,050 4,410 All assets are depreciated by the straight-line method. Wildhorse 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.) Compute the revised annual depreciation on each asset in 2025. (Round answers to O decimal places, e.g. 125.) Building Revised annual depreciation $ Warehouse Revised annual depreciation eTextbook and Media List of Accounts Prepare the entry to record depreciation on the building in 2025. (List debit entry before credit entry. 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.) Date Account Titles and Explanation Debit Credit Victor Mineli, the new controller of Wildhorse Co., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings: Type of Asset Date Acquired Accumulated Depreciation, Useful Life (in years) Salvage Value Cost Jan. 1, 2025 Old Proposed Old Proposed Building Warehouse Jan. 1, 2017 $985,000 $185,200 40 58 $59,000 $36,100 Jan. 1, 2020 124,000 23,590 25 20 6,050 4,410 All assets are depreciated by the straight-line method. Wildhorse 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.) Compute the revised annual depreciation on each asset in 2025. (Round answers to O decimal places, e.g. 125.) Building Revised annual depreciation $ Warehouse Revised annual depreciation eTextbook and Media List of Accounts Prepare the entry to record depreciation on the building in 2025. (List debit entry before credit entry. 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.) Date Account Titles and Explanation Debit Credit