Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and...
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Accounting
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 2022. Here are his findings: Useful Life (in years) Salvage Value Type of Asset Date Acquired Cost Jan. 1, 2014 $772,000 Accumulated Depreciation, Jan. 1, 2022 Building Old 40 25 Proposed $35,200 $141,800 31,690 Proposed Old 58 $63,000 205,550 Warehouse Jan. 1, 2017 164,000 20 4,810 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 2022. (Round answers to O decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $ Prepare the entry to record depreciation on the building in 2022. (Round answers to O 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 O for the amounts.) Account Titles and Explanation Debit Credit
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