: (1) Prepare the general journal entry, in proper form, to record the depreciation expense on the building in 20X8 and any other adjustments that need to be made. Provide a brief explanation for the entry(ies) made.

(2) Compute the depreciation expense on the machinery for 20X8. Show supporting calculations.

On January 1, 20X3, Sopchoppy Company purchased a building and machinery that have the following useful lives, original costs, and salvage values. SOPCHOPPY COMPANY INFORMATION ABOUT BUILDING AND MACHINERY ASSETS AT JANUARY 1, 20X3 Original Cost Salvage Asset Estimated Life Building Machinery 25 years ,00,00 10 yeanrs 00,000 500,000 0 The building has been depreciated under the straight line method through 20X7. In 20X8, the company decided to switch to the double declining balance method of depreciation for the building Sopchoppy also decided to change the total useful life of the machinery to 8 years, with a salvage value of $25,000 at the end of that time. The machinery is depreciated using the straight line