Mike Geary, the controller of Shellhammer Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2014. Here are his findings:
All assets are depreciated by the straight-line method. Shellhammer Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Mike's proposed changes. (The "Proposed" useful life is total life, not remaining life.)
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.
Definitions:
Self-Actualization
The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.
Maslow's Hierarchy
A theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.
Actualization
The realization or fulfillment of one's talents and potentialities, especially considered as a drive or need present in everyone.
Status Symbol
An object, behavior, or title that signifies an individual's high social standing, prestige, or wealth to others.
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