Warehouse 1/1/15 100,000 19,000 2520 5,000 6,000 All assets are depreciated by the straight-line method. Hellickson Company uses a calendar year in pre- paring annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. Instructions a. Compute the revised annual depreciation on each asset in 2020. (Show computations.) b. Prepare the entry (or entries) to record depreciation on the building in 2020. E9.9 (LO 3) Presented below are selected transactions at Ridge Company for 2020. Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Jan. 1 June 30 Dec. 31 Instructions Journalize all entries required on the above dates, including entries to update depreciation, where ap- plicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) E9.10 (LO 3) Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2017, It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Depreciatton of Asset Acquired Cost 1/1/20 Old Proposed Old Proposed Building 1/1/14 $800,000 $114,000 40 50 $40,000 $26,000 100,000 19,00025 5,0006,000 Warehouse 1/1/15 All assets are depreciated by the straight-line method. Hellickson Company uses a calendar year in pre- paring annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. Instructions a. Compute the revised annual depreciation on each asset in 2020. (Show computations.) b. Prepare the entry (or entries) to record depreciation on the building in 2020. E9.9 (LO 3) Presented below are selected transactions at Ridge Company for 2020. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It a useful life of 5 years with no salvage value. The computer was sold for $14.000. Dec. 31 t Discarded a delivery truck that was purchased on January 1,2016. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value had Instructions Journalize all entries required on the above dates, including entries to update depreciation, where ap plicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) EO 10 (1 O 3) Prvce Company owns equipment that cost $65,000 when purchased on January 1, 2017