Victor Mineli, the new controller of Monty Corp., has reviewed the expected useful lives and salvage values of selected

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Victor Mineli, the new controller of Monty Corp., has
reviewed the expected useful lives and salvage values of selected
depreciable assets at the beginning of 2022. Here are his
findings:
Date
Accumulated
Depreciation
Useful life
(in years)
Salvage Value
Type of Asset
Acquired
Cost
Jan. 1, 2022
Old
Proposed
Old
Proposed
Building
Jan. 1, 2014
Warehouse
Jan. 1, 2017
Victor Mineli, the new controller of Monty Corp., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Useful life Date Depreciation (in years) Type of Asset Acquired Cost Jan. 1, 2022 Old Proposed Building Jan. 1, 2014 $804,000 $152,800 40 58 Warehouse Jan. 1, 2017 114,000 21,880 25 20 All assets are depreciated by the straight-line method. Monty Corp. uses a calendar year in preparing annual adjusting entries and 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. Building Revised annual depreciation eTextbook and Media List of Accounts LA Warehouse
Prepare the entry to record depreciation on the building in 2022. (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.) Date Account Titles and Explanation Debit Dec. 31 eTextbook and Media List of Accounts