Victor Mineli, the new controller of Novak Corp., 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 Building Warehouse Date Acquired Jan. 1, 2014 Jan. 1, 2017 Revised annual depreciation $ Cost $821,000 106,000 eTextbook and Media Accumulated Depreciation Jan. 1, 2022 $157,200 Compute the revised annual depreciation on each asset in 2022. List of Accounts Useful life (in years) Old Proposed Building 40 20,380 25 58 20 All assets are depreciated by the straight-line method. Novak 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.) Salvage Value Warehouse Old $35,000 4,100 Proposed $53,800 21,120

Victor Mineli, the new controller of Novak Corp., 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 Building Warehouse Date Acquired Jan. 1, 2014 Jan. 1, 2017 Revised annual depreciation $ Cost $821,000 106,000 eTextbook and Media Accumulated Depreciation Jan. 1, 2022 $157,200 Compute the revised annual depreciation on each asset in 2022. List of Accounts Useful life (in years) Old Proposed Building 40 20,380 25 58 20 All assets are depreciated by the straight-line method. Novak 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.) Salvage Value Warehouse Old $35,000 4,100 Proposed $53,800 21,120

Name: Victor Mineli, the new controller of Novak Corp., has reviewed the ex
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Description: Victor Mineli, the new controller of Novak Corp., has reviewed the expected useful lives and salvage values of selected depreciableassets at the beginning of 2022. Here are his findings:Type of AssetBuildingWarehouseDateAcquiredJan. 1, 2014Jan. 1, 2

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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Victor Mineli, the new controller of Splish Brothers Inc. 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 Building Warehouse Date Acquired Jan 1, 2014 Jan 1, 2017 Cost $824,000 107,000 Accumulated Depreciation Jan. 1, 2022 $156,800 Revised annual depreciation $ Useful life (in years) Building Old 40 20.540 25 $ Proposed 58 20 Warehouse Salvage Value Old Proposed $37,200 All assets are depreciated by the straight-line method. Splish Brothers Inc. 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) Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 5.125.) $40,000 4,300 12.960 SUPPORT
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