Accumulated Depreciation, Financial Accounting

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The office building was bought in January 1, 2011 and was originally planned to be used for 40 years and had no salvage value. It is depreciated on a straight line basis. Now in 2012, the estimated total life remains at 40 years, but the salvage will be $500,000.

The office building is listed at $3,100,000 on the unadjusted trial balance and has accumulated depreciation of $87,500.

I need to prepare the adjusting journal entry to account for accumulated depreciation in 2012. Also, I believe that accumulated depreciation was recorded incorrectly for 2011 so I think I need to adjust for this as well.

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