Please answer fast i give you upvote. Victor Mineli, the new controller of Splish Brothers Inc. has reviewed the expected useful lives and salvage values of selecteddepreciable assets at the beginning of 2022. Here are his findings:Type of AssetBuildingWarehouseDateAcquiredJan 1, 2014Jan 1, 2017Cost$824,000107,000AccumulatedDepreciationJan. 1, 2022$156,800Revised annual depreciation $Useful life(in years)BuildingOld4020.540 25$Proposed5820WarehouseSalvage ValueOld Proposed$37,200All assets are depreciated by the straight-line method. Splish Brothers Inc. uses a calendar year in preparing annual adjusting entriesand financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life istotal life, not remaining life)Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 5.125.)$40,0004,30012.960SUPPORT

Name: Please answer fast i give you upvote. Victor Mineli, the new controlle
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Description: Please answer fast i give you upvote. Victor Mineli, the new controller of Splish Brothers Inc. has reviewed the expected useful lives and salvage values of selecteddepreciable assets at the beginning of 2022. Here are his findings:Type of AssetBuild

The depreciation expense is charged on the fixed assets as a reduction in the value of the fixed…

Business

Accounting

Victor Minell, 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 Cost Jan 1, 2014 $824,000 Jan. 1. 2017 107,000 (a) * Accumulated Depreciation Jan. 1, 2022 $156,800 Revised annual depreciation Useful life (in years) Old Proposed 40 20.540 25 Building 58 20 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) Salvage Value Warehouse Old $40,000 4,300 Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, eg 5,125.) Proposed $37.200 12.960

Victor Minell, 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 Cost Jan 1, 2014 $824,000 Jan. 1. 2017 107,000 (a) * Accumulated Depreciation Jan. 1, 2022 $156,800 Revised annual depreciation Useful life (in years) Old Proposed 40 20.540 25 Building 58 20 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) Salvage Value Warehouse Old $40,000 4,300 Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, eg 5,125.) Proposed $37.200 12.960

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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