Steve Grant, the new controller of Greenbriar Ltd., has reviewed the expected useful lives and residual values of selected depreciable assets at the beginning of 2017. His findings are as follows.

All assets are depreciated by the straight-line method. Greenbriar uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Grant's proposed changes.
Instructions
(a) Compute the revised annual depreciation on each asset in 2017. (Show computations.)
(b) Prepare the entry (or entries) to record depreciation on the building in 2017.

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Accumulated Depreciation Total Useful Life in Years Residual Value Type of Asset Date Acquired Cost Building Warehouse 1/1/12 100,000 18,000 2520 Old Proposed Old Proposed 1/1/07 £800,000 £190,000 40 50 £40,000 E18,000 10,000 3,700