Exercise 9-6 Victor Mineli, the new controller of Crane Company, has reviewed the expected useful...
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Accounting
Exercise 9-6 Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his findings Accumulated Depreciation, Useful Life (in years) Type of Date Salvage Value Cost Jan. 1, 2017 Old Proposed $162,800 40 28,750 25 Old Proposed $55,500 $36,900 3,400 Acquired Asset Building Warehouse 2012 Jan. 1, 2009 $869,500 48 Jan. 1, 149,000 20 5,250 All assets are depreciated by the straight-line method. Crane Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2017. (Round answers to 0 decimal places, e.g. 125.) Building Warehouse Revised annual depreciation SHOW LIST OF ACCOUNTS Prepare the entry to record depreciation on the building in 2017. (Round answers to 0 decimal places, e.g. 125. 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 0 for the amounts.)
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