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Victor Mineli, the new controller of Pharoah Company, has reviewed the...

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Accounting

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Victor Mineli, the new controller of Pharoah 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 Accumulated Depreciation, Jan. 1, 2022 Cost Old Proposed Old Proposed Building Jan. 1, 2014 $800,500 $147,300 40 58 $64,000 $35,800 Warehouse Jan. 1, 2017 117,000 22,440 25 20 4,800 4,560 All assets are depreciated by the straight-line method. Pharoah 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.) (a) Compute the revised annual depreciation on each asset in 2022. (Round answers to decimal places, eg. 125.) Building Warehouse Revised annual depreciation $ $ eTextbook and Media List of Accounts Prepare the entry to record depreciation on the building in 2022. (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 Ofor the amounts.)

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