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View Policies Current Attempt in Progress Victor Mineli, the new controller of Carla Vista Co., has reviewed the expected useful lives and salvage values of
View Policies Current Attempt in Progress Victor Mineli, the new controller of Carla Vista Co., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his findings: Type of Cost Asset Building Warehouse Date Acquired Jan. 1, 2009 Jan. 1, 2012 Accumulated Depreciation, Jan. 1, 2017 $183,300 29,290 Useful Life (in years) Old Proposed 40 48 25 20 Salvage Value Old Proposed $63,000 $37,100 5,050 4,600 $979,500 151,500 All assets are depreciated by the straight-line method. Carla Vista 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 2017. (Round answers to O decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $ 15182 $ 7840 e Textbook and Media List of Accounts Prepare the entry to record depreciation on the building in 2017. (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 e Textbook and Media List of Accounts
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