Victor Mineli, The New Controller Of Crane Company, Has Reviewed The Expected Useful Lives And Salvage Values Of Selected Depreciable…

29 Jul Victor Mineli, The New Controller Of Crane Company, Has Reviewed The Expected Useful Lives And Salvage Values Of Selected Depreciable…

Posted at 13:32h in 2Past Paper by Homework Writer

Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his findings:

Type of	Date		Accumulated Depreciation,	Useful Life (in years)		Salvage Value
Asset	Acquired	Cost	Jan. 1, 2017	Old	Proposed	Old	Proposed
Building	Jan. 1, 2009	$772,000	$141,800	40	48	$63,000	$35,200
Warehouse	Jan. 1, 2012	164,000	31,690	25	20	5,550	5,400

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

(a)

Compute the revised annual depreciation on each asset in 2017. (Round answers to 0 decimal places, e.g. 125.)

		Building		Warehouse
Revised annual depreciation		$ [removed]		$ [removed]

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