Exercise 10-08 a-b (Part Level Submission) (Video) Terry Wade, the new controller of Concord Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Accumulated Depreciation 1/1/20 Useful life in Years Old Proposed Salvage Value Type of Asset Acquired Cost Building Warehouse 1/1/15 115,000 Old Proposed 50 $45,000 $52,400 4,100 20,820 1/1/14 $825,000 $117,000 40 22,180 25 20 All assets are depreciated by the straight-line method. Concord Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. D Your answer is incorrect. Try again. Compute the revised annual depreciation on each asset in 2020. Building Warehouse Revised annual depreciation 4846