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Lindy Weink, the new controller of Cullumber Company, has reviewed the expected useful lives and residual values

of selected depreciable assets at December 31, 2017. (Depreciation for 2017 has not been recorded yet.) Her findings are as follows:

      Total Useful Life in Years Residual ValueType of Asset Date Acquired Cost Current Proposed Current ProposedBuilding Jan. 1, 2002 $800,340 22 31 $39,580 $60,440Equipment Jan. 1, 2015 125,000 5 4 4,500 3,600

After discussion, management agrees to accept Lindy's proposed changes. All assets are depreciated by the straight-line method. Cullumber Company has a December 31 year end.

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