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Calculate the revised annual depreciation for the building

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At the beginning of 2016, Gale Storm, the new controller of the windy city company,is reviewing the expected useful life and residual value of the company's building. this asset was acquired jan 1,2006 for $800,000.At the time, its expected useful life was 40 years, and estimated residual value $40,000. now at jan1, 2016, the accumulated depreciation to date for the building is $190,000. ms storm proposes to change the expected useful life to 35 years (instead of the original 40), and expected residual value to $62,000. Straight line depreciation is used for the building. Calculate the revised annual depreciation for the building for 2016 and subsequent years

Reference no: EM131808405

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