Terry Wade, the new controller of Bridgeport Company, has reviewed the expected usefullives and salvage...
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Terry Wade, the new controller of Bridgeport Company, has reviewed the expected usefullives and salvage values of seiected depreclable assets at the beginning of 2022 . Here are his findings: All assets are depreciated by the straight-line method, Bridgeport Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Terry's proposed changes, (The "Proposed" useful life is totalife, potremaining life) (a) Compute the revised annual depreciation on each asset in 2022. Prepare the entry to record depreciation on the building in 2022. (List all debit entrles before credit entries. Credit account titles are outomatically indented when omount is entered, Do not indent manully. If no entry is regelred, select "No. Entry" for the occount titles and enter Ofor the amounts) Compute the revised annual depreciation on each asset in 2022
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