Frank White the new controller of Youngman Company has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. His findings are as follows. 
All assets are depreciated by the straight-line method. Youngman Company uses a calendar year in preparing annual financial statements. After discussion management has agreed to accept Frank's proposed changes.
Instructions
(a) Compute the revised annual depreciation on each asset in 2017. (Show computations.)
(b) Prepare the entry (or entries) to record depreciation on the building in 2017.
Definitions:
Liable to Third Parties
The legal responsibility of an individual or entity towards individuals who are not a direct party to a contract or agreement.
Professional's Expertise
The specialized knowledge and skills possessed by a professional in their field of work.
Relied Upon
A term used to describe something that is trusted or depended on for support, help, or decision-making.
Cross-functional Teams
Groups composed of members from different departments or areas of expertise working together toward a common goal.
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