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Grinch Construction Inc. bought a large building at the beginning of 2019. The building had an original cost of $840,000. This building was broken into three components. The roof of the building is $90,000 and anticipated to last 15 years. The HVAC equipment costs $150,000 that is expected to last 10 years. The remaining components of the building are valued at 600,000 and expected to last 40 years. Expected residual value at the end of 40 years for the building is $300,000. The residual value for the remaining components is zero. Grinch uses straight-line depreciation.
Required:
Problem 1: Prepare depreciation journal entries for 2019, assuming a full year's worth of depreciation.
Problem 2: How would the amount of depreciation differ if the building was depreciated without breaking it into components?
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