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…

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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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Victor Mineli, 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 Jan 1, 2014 Jan 1, 2017 Cost $824,000 107,000 Accumulated Depreciation Jan. 1, 2022 $156,800 Revised annual depreciation $ Useful life (in years) Building Old 40 20.540 25 $ Proposed 58 20 Warehouse Salvage Value Old Proposed $37,200 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) Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 5.125.) $40,000 4,300 12.960 SUPPORT
Victor Mineli, the new controller of Windsor, 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 Jan. 1, 2014 Jan. 1, 2017 Cost $821,000 115,000 Accumulated Depreciation Jan. 1, 2022 $155,600 Useful life (in years) Old Proposed 40 22,180 25 58 20 Salvage Value Old $43,000 4,100 Proposed $30,400 20,820 All assets are depreciated by the straight-line method. Windsor, 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.)
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Victor Mineli, the new controller of Carla Vista Co., has reviewed the expected useful lives and salvage values of selected depreciable asset categories at the beginning of 2021. Here are his findings: Category of Asset Date Historical Accum. Useful Life (Years) Original Proposed Original Proposed Salvage Value Acquired Cost Deprec. $829,000 $369,000 Building 1/1/2003 43 $50,000 $40,000 Machinery 1/1/2011 245,000 92,000 25 20 15,000 9,000 All assets were placed into service on their acquisition dates and are depreciated by the straight-line method. Carla Vista Co. uses a calendar year in preparing annual financial statements. Note that "Proposed" useful life is a revised estimate of total life, not remaining life. Enter all answers in whole dollar amounts without a $. If rounding is necessary, round to the nearest whole dollar (e.g., XXX). a. Using the original values, how much annual depreciation expense did Carla Vista recognize for the Building in 2020? $ b. Assume that management…