Reference no: EM132856981
Problem - On January 1, 2017, Sage Company purchased a building and equipment that have the following useful lives, salvage values, and costs.
Building, 40-year estimated useful life, $49,200 salvage value, $828,000 cost.
Equipment, 12-year estimated useful life, $11,200 salvage value, $99,400 cost.
The building has been depreciated under the double-declining-balance method through 2020. In 2021, the company decided to switch to the straight-line method of depreciation. Sage also decided to change the total useful life of the equipment to 9 years, with a salvage value of $5,200 at the end of that time. The equipment is depreciated using the straight-line method.
Required -
1. Prepare the journal entry necessary to record the depreciation expense on the building in 2021.
2. Compute depreciation expense on the equipment for 2021.
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