Business, 20.01.2020 20:31 cassiuspricerules

Terry wade, the new controller of hellickson company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2015. his findings are as follows.

date

accumulated
depreciation

useful life
in years

salvage value

type of asset

acquired

cost

1/1/15

old

proposed

old

proposed

building 1/1/09 $806,700 $115,410 40 50 $37,300 $50,210
warehouse 1/1/10 114,000 21,940 25 20 4,300 19,610
all assets are depreciated by the straight-line method. hellickson company uses a calendar year in preparing annual financial statements. after discussion, management has agreed to accept terry’s proposed changes.

1.)compute the revised annual depreciation on each asset in 2015. ( building and warehouse)

2.)prepare the entry to record depreciation on the building in 2015. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts.)

Answers: 2

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Terry wade, the new controller of hellickson company, has reviewed the expected useful lives and sal...