7. 8. (a) President's salary Plant superintendent's salary-supervision of new building $31,290 3,770 $35,060 Because of a general increase in construction costs after entering into the building contract, the board of directors increased the value of the building $51,855, believing that such an increase was justified to reflect the current market at the time the building was completed. Retained earnings was credited for this amount. Estimated life of building-50 years. Depreciation for 2025-1% of asset value (1% of $418,700, or $4,187). Prepare entries to reflect correct land, buildings, and depreciation accounts at December 31, 2025. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)