1. Depreciation is taken. Assets sold are depreciated through the month of sales. (Note: Depreciation on the Trucks for the year should be $12,000 in addition to the $5,000 applicable to the truck sold in Dec.). The depreciation on the building has been based on a 30-year life. It is now estimated that the life used for the building should have been 25 total years. The change in estimate will be incorporated into the current year depreciation calculation. Hint: You can calculate the building has been depreciated for 10 prior years. That would have meant 20 years remained. Now, you will divide what is left to depreciate the remaining cost over 15 more, or 25 total years. There is never an adjustment for prior periods for changes in estimates.

What would the adjusting entries be for both the truck and the building

Don't worry about amount for building just the journal entry