Terry Wade, the new controller of Hellickson Company, has reviewed the expected useful lives and...
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Accounting
Terry Wade, the new controller of Hellickson Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. His findings are as follows. Accumulated Useful life Depreciationin Years Date Salvage Value Type of Asset Acquired Cost Builelirg11/ Warehouse 1/1/12 115,000 1/1/17 old Proposed Old Proposed 50 $45,000 $52,400 20 4,100 20,820 1/1/11 $825,000 $117,000 40 22,180 25 All assets are depreciated by the straight-line method. Hellickson 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 2017 Building Warehouse Revised annual depreciationg Prepare the entry to record depreciation on the building in 2017. (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.) Date Account Titles and Explanation Dec. 31 Debit Credit
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