Terry Wade, the new controller of Pronghorn Company, has reviewed the expected usefullives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Building Warehouse Date (a) Acquired Jan. 1, 2016 Jan. 1, 2017 Cost $807,000 Revised annual depreciation $ 106,000 Accumulated Depreciation Jan. 1, 2022 $115,800 20,360 Compute the revised annual depreciation on each asset in 2022. Building Old $ 40 25 Useful life (in Years) Proposed 50 All assets are depreciated by the straight-line method. Pronghorn Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Terry's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Warehouse 20 Salvage Value Old $35,000 4,200 Proposed $66,400 24,140

Terry Wade, the new controller of Pronghorn Company, has reviewed the expected usefullives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Building Warehouse Date (a) Acquired Jan. 1, 2016 Jan. 1, 2017 Cost $807,000 Revised annual depreciation $ 106,000 Accumulated Depreciation Jan. 1, 2022 $115,800 20,360 Compute the revised annual depreciation on each asset in 2022. Building Old $ 40 25 Useful life (in Years) Proposed 50 All assets are depreciated by the straight-line method. Pronghorn Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Terry's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Warehouse 20 Salvage Value Old $35,000 4,200 Proposed $66,400 24,140

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.6E

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