Exercise 9-07 Victor Mineli, the new controller of Blossom Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type ofAsset   DateAcquired   Cost   AccumulatedDepreciation,Jan. 1, 2022   Useful Life (in years)   Salvage Value         Old   Proposed   Old   Proposed Building   Jan. 1, 2014   $941,000   $174,300   40   58   $69,500   $35,300 Warehouse   Jan. 1, 2017   164,000   31,780   25   20   5,100   3,220 All assets are depreciated by the straight-line method. Blossom Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.)           Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.)     Building   Warehouse Revised annual depreciation   $enter a dollar amount     $enter a dollar amount       SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO       Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title   enter a debit amount   enter a credit amount   enter an account title   enter a debit amount   enter a credit amount

Question

Exercise 9-07

Victor Mineli, the new controller of Blossom Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings:

Type of
Asset
 
Date
Acquired
 
Cost
 
Accumulated
Depreciation,
Jan. 1, 2022
 
Useful Life (in years)
 
Salvage Value
       
Old
 
Proposed
 
Old
 
Proposed
Building
  Jan. 1, 2014   $941,000   $174,300   40   58   $69,500   $35,300
Warehouse
  Jan. 1, 2017   164,000   31,780   25   20   5,100   3,220

All assets are depreciated by the straight-line method. Blossom Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.)
 
 
 
 
 
Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.)

   
Building
 
Warehouse
Revised annual depreciation
 
$enter a dollar amount
 
 
$enter a dollar amount
 
 
 

SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO VIDEO
 
 
 
Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation
Debit
Credit
enter an account title
 
enter a debit amount
 
enter a credit amount
 
enter an account title
 
enter a debit amount
 
enter a credit amount
 

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