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 2022. Here are his findings:

Question 7 of 17 - / 1.66 !!! View Policies Current Attempt in Progress 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 2022. Here are his findings: Useful Life (in years) Salvage Value Type of Asset Date Acquired Accumulated Depreciation, Jan. 1, 2022 Cost Old Proposed Old Proposed Building Jan. 1, 2014 $838,000 $156,500 40 58 $55,500 $35,700 Warehouse Jan. 1, 2017 116,000 22,250 25 20 4,750 3,750 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 2022. (Round answers to 0 decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $ $ Prepare the entry to record depreciation on the building in 2022. (Round answers to O 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 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit