Victor Mineli, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type ofAsset DateAcquired Cost AccumulatedDepreciation,Jan. 1, 2022 Useful Life (in years) Salvage Value Old Proposed Old Proposed Building Jan. 1, 2014 $922,000 $170,400 40 58 $70,000 $35,400 Warehouse Jan. 1, 2017 118,000 22,340 25 20 6,300 2,660 All assets are depreciated by the straight-line method. Sheridan 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.) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $enter a dollar amount $enter a dollar amount eTextbook and Media List of Accounts New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. 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.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount

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 Sheridan Company, 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	Date Acquired	Cost	Accumulated Depreciation, Jan. 1, 2022	Useful Life (in years)	Salvage Value
		Old	Proposed	Old	Proposed
Building	Jan. 1, 2014	$922,000	$170,400	40	58	$70,000	$35,400
Warehouse	Jan. 1, 2017	118,000	22,340	25	20	6,300	2,660

All assets are depreciated by the straight-line method. Sheridan 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.)

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.)

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

eTextbook and Media

List of Accounts

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. 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.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount

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