Exercise 9-6 (Part Level Submission) Victor Mineli, the new controller of Sunland Company, has reviewed...
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Accounting
Exercise 9-6 (Part Level Submission) Victor Mineli, the new controller of Sunland Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his findings: Type of Date Accumulated Depreciation, Useful Life (in years) Salvage Value Asset Acquired Cost Jan. 1, 2017 Old Proposed Old Proposed Building Jan. 1, 2009 $734,500 $135,500 40 48 $57,000 $35,300 Warehouse Jan. 1, 2012 165,500 31,860 25 20 6,200 3,700 All assets are depreciated by the straight-line method. Sunland Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victors proposed changes. (The Proposed useful life is total life, not remaining life.) Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Compute the revised annual depreciation on each asset in 2017. (Round answers to 0 decimal places, e.g. 125.)
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