Solution-Compute the revised annual depreciation on each

Compute the revised annual depreciation on each asset

Reference no: EM131560762

Question -

Terry Wade, the new controller of Hellickson Company, has reviewed the expected useful lives and salvage values of selected depreciable asses at the beginning of 2017. His findings are as follows.

Type of Asset	Date Acquired	Cost	Accumulated Depreciation 1/1/17	Useful life in Years		Salvage Value
Type of Asset	Date Acquired	Cost	Accumulated Depreciation 1/1/17	Old	Proposed	Old	Proposed
Building	1/1/11	$810,000	$115,950	40	50	$37,000	$73,650
Warehouse	1/1/12	116,000	22,360	25	20	4,200	27,640

All assets are depreciated by the straight-line method. Hellickson Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes.

Compute the revised annual depreciation on each asset in 2017.

Reference no: EM131560762

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Compute the revised annual depreciation on each asset

Reference no: EM131560762

Reference no: EM131560762

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