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Terry Wade, the new controller of Swifty Corporation, has reviewed the expected useful lives and...

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Accounting

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Terry Wade, the new controller of Swifty Corporation, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Date Accumulated Depreciation Useful life in Years Salvage Value Type of Asset Acquired Cost 1/1/20 Old Proposed Old Proposed Building 1/1/14 $ 808,000 $ 115,800 40 50 $36,000 $36,600 Warehouse 1/1/15 114,000 21.860 25 20 4.700 24,640 All assets are depreciated by the straight-line method, Swifty Corporation 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 2020. Building Warehouse Revised annual depreciation $ Prepare the entry to record depreciation on the building in 2020. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31

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