2 Problem 9-7A Calculating depreciation LO2 Use the following table: 12 points eBook Big Sky Farms Partial Balance Sheet April 30, 2020 Property, plant and equipment: Land Building1 Less: Accumulated depreciation Equipment Less: Accumulated depreciation Print Total property, plant and equipment $ 720,000 $728,000 572,000 156,000 660,000 279,840 380,160 $1,256,160 References The building was purchased on May 3, 2009, and is depreciated to the nearest whole month using the straight-line method. Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one. 2The equipment was purchased on November 3, 2017, and is depreciated to the nearest whole month using the double-declining- balance method. The total estimated useful life is 10 years with a residual value of $200,000. Required: 1. Calculate and record depreciation for the year just ended April 30, 2021, for both the building and equipment. Mc Graw View transaction list View journal entry worksheet No Date General Journal 1 Apr. 30, 2021 Depreciation expense, building Accumulated depreciation, building Debit Credit 9,143 9.143