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Danny Venable, the new controller of Seratelli Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2014. Here are his findings: Type of Date Accumulated Depreciation, Useful Life (in years) Salvage Value Asset Acquired Cost Jan. 1, 2014 Old Proposed Old Proposed Building Jan. 1, 2006 $733,900 $135,318 40 48 $57,310 $35,340 Warehouse Jan. 1, 2009 127,900 24,570 25 20 5,050 5,360 All assets are depreciated by the straight-line method. Seratelli Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Dannys proposed changes. (The Proposed useful life is total life, not remaining life.) Collapse question part (a) Correct answer. Your answer is correct. Compute the revised annual depreciation on each asset in 2014. (Round answers to 0 decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $Entry field with correct answer 14081.05 $Entry field with correct answer 6531.33 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT Attempts: 5 of 5 used Collapse question part (b) Prepare the entry (or entries) to record depreciation on the building in 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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