In an examination of Arenes Corporation as of December 31, 2015, you have learned that the following situations exist. No entries have been made in the accounting records for these items.

1. The corporation erected its present factory building in 2000. Depreciation was calculated by the straightline method, using an estimated life of 35 years. Early in 2015, the board of directors conducted a careful survey and estimated that the factory building had a remaining useful life of 25 years as of January 1, 2015.

2. When calculating the accrual for officers’ salaries at December 31, 2015, it was discovered that the accrual for officers’ salaries for December 31, 2014, had been overstated.

3. On December 15, 2015, Arenes Corporation declared a cash dividend on its ordinary shares outstanding, payable February 1, 2016, to the shareholders of record December 31, 2015.

Instructions Describe fully how each of the items above should be reported in the financial statements of Arenes Corporation for the year 2015.