Exercise 6. Jerry Page, the new Controller for the Burnblack Company, has reviewed the expected useful lives and residual values of selected depreciable assets at the beginning of 20X8. All assets are depreciated by the straight-line method and the company uses a calendar year in preparing their annual Financial Statements. After discussion, management has agreed to accept Jerry's following proposaled changes. Type of Asset Building Warehouse Date Acquired 1/1/X2 1/1/X3 Accumulated Depreciation 1/1/20X8 Cost $800,000 $ $100,000 $ Ajdusting Journal Entry for the Building 114,000 25,000 CengageNOWv2 | Online t... Useful Life in Years Old 40 20 Proposed 50 20 x Manual Homework Ch... Residual Value Proposed Old $ 40,000 $37,000 $5,000 $3,600 Compute and show computations for the revised annual depreciation for 20X1 on each asset. Show the year end Adjusted Journal Entry for the Building. a) Building b) Warehouse

Exercise 6. Jerry Page, the new Controller for the Burnblack Company, has reviewed the expected useful lives and residual values of selected depreciable assets at the beginning of 20X8. All assets are financial Statements. After discussion, and the company uses a calendar year in preparing their annual changes. Compute and show computations for the revised annual depreciation for 201 on each asset. Show the year end Adjusted Journal Entry for the Building. a) Building b) Warehouse Ajdusting Journal Entry for the Building Exercise 6. Jerry Page, the new Controller for the Burnblack Company, has reviewed the expected useful lives and residual values of selected depreciable assets at the beginning of 208. All assets are depreciated by the straight-line method and the company uses a calendar year in preparing their annual Financial Statements. After discussion, management has agreed to accept Jerry's following proposaled changes. Compute and show computations for the revised annual depreciation for 201 on each asset. Show the year end Adjusted Journal Entry for the Building. a) Building b) Warehouse Ajdusting Journal Entry for the Building