Prepare the entry or entries to record depreciation on the

Question

Jerry Grant, the new controller of Blackburn Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2010. His findings are as follows.

All assets are depreciated by the straight-line method. Blackburn Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Jerry's proposed changes.

Instructions

(a) Compute the revised annual depreciation on each asset in 2010. (Show computations.)

(b) Prepare the entry (or entries) to record depreciation on the building in 2010.