acc 220 - CHAPTER 9 ASSIGNMENTS

Exercise 9-6 (Part Level Submission)

Danny Venable, the new controller of Seratelli Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2014. Here are his findings:

Type of	Date		Accumulated Depreciation,	Useful Life (in years)		Salvage Value
Asset	Acquired	Cost	Jan. 1, 2014	Old	Proposed	Old	Proposed
Building	Jan. 1, 2006	$789,900	$146,868	40	48	$55,560	$36,590
Warehouse	Jan. 1, 2009	124,600	23,626	25	20	6,470	4,910

All assets are depreciated by the straight-line method. Seratelli Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Danny’s proposed changes. (The “Proposed” useful life is total life, not remaining life.)

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(a)

Compute the revised annual depreciation on each asset in 2014. (Round answers to 0 decimal places, e.g. 125.)

Building

Warehouse

Revised annual depreciation

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