1. Baland ettimates that the asset has 8 years' Lte remaining (for a fotn' of 12 years). Prepare the joumal endy on December 31 to rocord deprecition in the tirth year atter the change in estimate lynore income tares. Prepare the journal entry on December 31 to record depreciation in the fitth year after the change in depreciation method. 3. Prepare the joumal entries on December 31 to record the prior period adjustment for the error and depreciation in the fith year. Ignore income taxes. General Journal Instructions General Ledger Baland Company purchased a building for $286,000 that had an estimated residual value of $6,000 and an estimated service Ble of 10 years. Bailund purchased the building 4 years ago and has used straight-tine depreciation, At the beginning of the fith year (before it records depreciation expense for the year), the following independent situations occur: 1. Baland estimates that the asset has 8 years' life remaining (for a fotal of 12 yoars). 2. Bailand changes to the sum-of-the-years'-digits method. 3. Bailand discovers that the estimated residual value has been ignored in the computation of depreciation expense. Required: For each of the incependent stuations, prepare all the journal entrles relating to the butiding for the fith year. lgnore income taxes