Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2027. Here are his findings: Type of Date Accumulated Depreciation, Useful Life (in years) Salvage Value Asset Acquired Cost Jan. 1, 2027 Old Proposed Old Proposed Building Jan. 1, 2019 $869,500 $162,800 40 48 $55,500 $36,900 Warehouse Jan. 1, 2022 149,000 28,750 25 20 5,250 3,400 All assets are depreciated by the straight-line method. Crane 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 2027. (Round answers to O decimal places, e.g. 5,275.) Building Revised annual depreciation $ Warehouse

Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2027. Here are his findings: Type of Date Accumulated Depreciation, Useful Life (in years) Salvage Value Asset Acquired Cost Jan. 1, 2027 Old Proposed Old Proposed Building Jan. 1, 2019 $869,500 $162,800 40 48 $55,500 $36,900 Warehouse Jan. 1, 2022 149,000 28,750 25 20 5,250 3,400 All assets are depreciated by the straight-line method. Crane 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 2027. (Round answers to O decimal places, e.g. 5,275.) Building Revised annual depreciation $ Warehouse

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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