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accounting help Terry Wade, the new controller of Blossom Company, has reviewed the...

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Accounting

accounting help

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Terry Wade, the new controller of Blossom Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Type of Asset Building Warehouse Date Acquired 1/1/14 1/1/15 Cost $810,000 108,000 Accumulated Depreciation 1/1/20 $114,750 20,660 Useful life in Years Old Proposed 40 50 25 20 Salvage Value old Proposed $45,000 $74,850 4,700 15,340 All assets are depreciated by the straight-line method. Blossom Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. Compute the revised annual depreciation on each asset in 2020. Building Warehouse Revised annual depreciation $ $ eTextbook and Media List of Accounts Prepare the entry to record depreciation on the building in 2020. (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 for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31

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