Victor Mineli, the new controller of Windsor, Inc., has reviewed the expected useful lives and salvage values of selected depreciableassets at the beginning of 2022. Here are his findings:Type of AssetBuildingWarehouse(a)(b)DateAcquiredJan. 1, 2014Jan. 1, 2017Cost$821,000115,000Dec. 31Useful life(in years)Date Account Titles and ExplanationAccumulatedDepreciationJan. 1, 2022 Old Proposed$155,6004022,180 25All assets are depreciated by the straight-line method. Windsor, Inc. uses a calendar year in preparing annual adjusting entries andfinancial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life istotal life, not remaining life.)Salvage ValueOld58 $43,000204,100Prepare the entry to record depreciation on the building in 2022. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)DebitProposed$30,40020,820Credit Victor Mineli, the new controller of Windsor, Inc., 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, 2017Cost$821,000115,000AccumulatedDepreciationJan. 1, 2022$155,600Useful life(in years)Old Proposed4022,180 255820Salvage ValueOld$43,0004,100Proposed$30,40020,820All assets are depreciated by the straight-line method. Windsor, Inc. uses a calendar year in preparing annual adjusting entries andfinancial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life istotal life, not remaining life.)

Victor Mineli, the new controller of Windsor, 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 $821,000 115,000 Accumulated Depreciation Jan. 1, 2022 $155,600 Useful life (in years) Old Proposed 40 22,180 25 Salvage Value Old 58 $43,000 20 4,100 Proposed $30,400 20,820 All assets are depreciated by the straight-line method. Windsor, 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.)

Victor Mineli, the new controller of Windsor, 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 $821,000 115,000 Accumulated Depreciation Jan. 1, 2022 $155,600 Useful life (in years) Old Proposed 40 22,180 25 Salvage Value Old 58 $43,000 20 4,100 Proposed $30,400 20,820 All assets are depreciated by the straight-line method. Windsor, 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.)

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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