Victor Mineli, the new controller of Ivanhoe Company, has reviewed the expected useful lives and salvage values of selec

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Victor Mineli, the new controller of Ivanhoe Company, has
reviewed the expected useful lives and salvage values of selected
depreciable assets at the beginning of 2022. Here are his findings:
Type of Asset Date Acquired Cost Accumulated Depreciation, Jan. 1,
2022 Useful Life (in years) Salvage Value Old Proposed Old Proposed
Building Jan. 1, 2014 $857,000 $159,100 40 58 $61,500 $35,600
Warehouse Jan. 1, 2017 129,500 24,960 25 20 4,700 5,300 All assets
are depreciated by the straight-line method. Ivanhoe 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) 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 0 for the amounts.)