One Asset with Multiple Costs and Useful Lives

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Scenario: Original asset is placed in service. Years later, additional costs are incurred against the original asset (e.g. new wing is added to an existing building). These additional, incremental costs should be assigned their own useful lives and may potentially have different accounting.

 

I am trying to model the above scenario as one asset but am struggling to determine the best setup. I am considering a parent + subcomponent asset design in order to maintain individual useful lives but ideally would like to maintain only one asset number, not many. Please let me know if you have any ideas or suggestions on how best to model this.