Exercise 9-6 (Part Level Submission) Victor Mineli, the new controller of Pharoa

Question

Exercise 9-6 (Part Level Submission) Victor Mineli, the new controller of Pharoah Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017 Here are his findings Accumulated Depreciation, Useful Life (in years) Salage Value Type of Date Cost $800,500 117,000 Jan. 1, 2017 OldProposedOld Proposed 48 20 Acquired Asset Building Warehouse 2012 All assets are depreciated by the straight-line method. Pharoah Company uses a calendar year in preparing annual financial statements. After discussion, management has Jan. 1, 2009 $147,300 40 $64,000 $35,800 Jan. 1, 22,440 25 4,800 4,600 agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Your answer is correct. Compute the revised annual depreciation on each asset in 2017. (Round answers to O decimal places, e.g. 125,) Buildin arehouse 15435 5997 Revised annual depreciation

Explanation / Answer

(b)

Account titles and explanation Debit Credit Depreciation Expense $15,435 Accumulated Depreciation—Buildings $15,435

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.