What are the journal entries for these?

Depreciation expense must be recorded for the month of December. The building was purchased on February 1, 2021 for $500,000 with a remaining useful life of 25 years and a salvage value of $3,000.  The method of depreciation for the building is straight-line.  

The equipment was purchased on February 1, 2021 for $260,000 with a remaining useful life of 4 years and a salvage value of $1,800. The method of depreciation for the equipment is double-declining balance. Depreciation has been recorded for the building and equipment for months February through November

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SOLUTION Building Purchase cost 500000 Remaining useful life 25 years Salvage value 3000 To calculat... View the full answer