Steve White the new controller of Weinberg Company, has reviewed the expected useful lives and residual values of selected depreciable assets at the beginning of 2014. His findings are as follows. All assets are depreciated by the straight-line method. Weinberg Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Steve's proposed changes.
Instructions
(a) Compute the revised annual depreciation on each asset in 2014. (Show computations.)
(b) Prepare the entry (or entries) to record depreciation on the building in 2014.

Question

Steve White the new controller of Weinberg Company, has reviewed the expected useful lives and residual values of selected depreciable assets at the beginning of 2014. His findings are as follows.  All assets are depreciated by the straight-line method. Weinberg Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Steve's proposed changes.
Instructions
(a) Compute the revised annual depreciation on each asset in 2014. (Show computations.)
(b) Prepare the entry (or entries) to record depreciation on the building in 2014.

Quizplus · Accepted Answer

The Answer of Steve White the new controller of Weinberg Company, has reviewed the expected useful lives and residual values of selected depreciable assets at the beginning of 2014. His findings are as follows.  All assets are depreciated by the straight-line method. Weinberg Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Steve's proposed changes.
Instructions
(a) Compute the revised annual depreciation on each asset in 2014. (Show computations.)
(b) Prepare the entry (or entries) to record depreciation on the building in 2014.

Steve White the New Controller of Weinberg Company, Has Reviewed