Question 3 of 5 -/2 E View Policies Current Attempt in Progress Victor Mineli,...
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Question 3 of 5 -/2 E View Policies Current Attempt in Progress Victor Mineli, the new controller of Sheffield Corp., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Depreciation Useful life (in years) Date Salvage Value Type of Asset Acquired Cost Jan. 1, 2022 Old Proposed Old Proposed Building Jan. 1, 2014 $810,000 $154,600 40 58 $37,000 $50,400 Warehouse Jan. 1, 2017 116,000 22,360 25 20 4,200 27,640 All assets are depreciated by the straight-line method. Sheffield Corp. uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) (a) Compute the revised annual depreciation on each asset in 2022. Building Warehouse Revised annual depreciation $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit
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