Terry Wade, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows.     Date       AccumulatedDepreciation   Useful lifein Years   Salvage Value Type of Asset   Acquired   Cost   1/1/20   Old   Proposed   Old   Proposed Building   1/1/14   $810,000   $114,900   40   50   $44,000   $43,900 Warehouse   1/1/15   110,000   21,180   25   20   4,100   13,820 Compute the revised annual depreciation on each asset in 2020.     Building   Warehouse Revised annual depreciation   $enter a dollar amount    $enter a dollar amount  Prepare the entry to record depreciation on the building in 2020. (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.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount   enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount

Question

Terry Wade, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows.

   
Date
     
Accumulated
Depreciation
 
Useful life
in Years
 
Salvage Value
Type of Asset
 
Acquired
 
Cost
 
1/1/20
 
Old
 
Proposed
 
Old
 
Proposed
Building
 
1/1/14
  $810,000   $114,900   40   50   $44,000   $43,900
Warehouse
 
1/1/15
  110,000   21,180   25   20   4,100   13,820

Compute the revised annual depreciation on each asset in 2020.

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

Prepare the entry to record depreciation on the building in 2020. (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.)

Date
Account Titles and Explanation
Debit
Credit
Dec. 31
enter an account title for the journal entry on December 31
enter a debit amount
enter a credit amount
 
enter an account title for the journal entry on December 31
enter a debit amount
enter a credit amount

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