Terry Wade, the new controller of Bridgeport Company, has reviewed the expected usefullives and salvage values...

  

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Terry Wade, the new controller of Bridgeport Company, has reviewed the expected usefullives 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, 2016 $821,000 $117,900 40 50 $35,000 $78,300 Warehouse Jan. 1, 2017 106,000 20,380 25 20 4,100 21,120 All assets are depreciated by the straight-line method. Bridgeport Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Terry's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2022. (b) Prepare the entry to record depreciation on the building in 2022 Terry Wade, the new controller of Bridgeport Company, has reviewed the expected usefullives 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, 2016 $821,000 $117,900 40 50 $35,000 $78,300 Warehouse Jan. 1, 2017 106,000 20,380 25 20 4,100 21,120 All assets are depreciated by the straight-line method. Bridgeport Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Terry's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2022. (b) Prepare the entry to record depreciation on the building in 2022