Victor Mineli, the new controller of Blossom Company, has reviewed the expected useful lives and salvage...

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Victor Mineli, the new controller of Blossom 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 Building Warehouse Date Acquired Jan. 1, 2014 Jan. 1, 2017 Cost $941,000 164,000 Accumulated Depreciation, Jan. 1, 2022 Revised annual depreciation $174,300 31,780 Useful Life (in years) Old 40 25 Proposed 58 20 Salvage Value Old $69,500 5,100 All assets are depreciated by the straight-line method. Blossom 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.) Warehouse Proposed $35,300 3,220 Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 125.) Building 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 O for the amounts.) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit Victor Mineli, the new controller of Blossom 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 Building Warehouse Date Acquired Jan. 1, 2014 Jan. 1, 2017 Cost $941,000 164,000 Accumulated Depreciation, Jan. 1, 2022 Revised annual depreciation $174,300 31,780 Useful Life (in years) Old 40 25 Proposed 58 20 Salvage Value Old $69,500 5,100 All assets are depreciated by the straight-line method. Blossom 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.) Warehouse Proposed $35,300 3,220 Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 125.) Building 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 O for the amounts.) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit

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Solution Solution 16 m B Let AB and CD be the building ... View the full answer