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Question - Terry wade, the new controller of Hellickson Company has reviewed the expected useful live and salvage value of selected depreciable assets 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
Old
Proposed
Building
1/1/11
$812,000
$115,650
40
50
$41,000
$71,550
Warehouse
1/1/12
100,000
19,020
25
20
4,900
10,480
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.
Required - Compute the revised annual depreciation on each asset in 2017.
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