Victor Mineli, the new controller of Cullumber Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings:
Type of
Asset
Date
Acquired
Cost
Accumulated
Depreciation,
Jan. 1, 2025
Useful Life (in years)
Salvage Value
Old
Proposed
Old
Proposed
Building
Jan. 1, 2017
$984,500
$182,900
40
58
$70,000
$36,600
Warehouse
Jan. 1, 2020
168,500
32,490
25
20
6,050
4,400
All assets are depreciated by the straight-line method. Cullumber Company uses a calendar year in preparing annual 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 2025. (Round answers to 0 decimal places, e.g. 125.)