--/1 Question 7 View Policies Current Attempt in Progress Victor Mineli, the new controller of Oriole Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Type of Asset Accumulated Depreciation, Jan. 1, 2022 $183,700 23,960 Date Acquired Cost Jan. 1, 2014 $975,500 Jan 1, 2017 125,000 Building Old 40 25 Proposed 58 20 Old $57,000 5,200 Proposed $35,300 4,890 Warehouse All assets are depreciated by the straight-line method. Oriole 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.) Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $ Prepare the entry to record depreciation on the building in 2022. (Round answers to O 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 Debit Credit