Winter 2022 Question 4 of 7 < > View Policies -/20 Current Attempt in Progress Lindy Weink, the new controller of Pharoah Company, has reviewed the expected useful lives and residual values of selected depreciable assets at December 31, 2021. (Depreciation for 2021 has not been recorded yet) Her findings are as follows: Total Useful Life in Years Residual Value Type of Asset Building Date Acquired Jan. 1.2006 Cost Current Proposed Current Proposed $800.200 20 30 $39.600 $60,460 Equipment Jan. 1.2019 125.370 5 4 4.950 3.890 After discussion, management agrees to accept Lindy's proposed changes. All assets are depreciated by the straight-line method Pharoah Company has a December 31 year end.