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 2020. 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 2020. (Show computations.)
b. Prepare the entry (or entries) to record depreciation on the building in 2020.

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Total Useful Accumulated Residual Value Proposed Type of Depreciation Date Life in Years Asset Acquired Cost 1/1/20 Old Proposed Old Building Warehouse £800,000 100,000 1/1/10 £190,000 40 25 50 £40,000 £18,000 1/1/15 18,000 20 10,000 3,700