Baland Compary purchased a buldng for $366,000 that had an estmated residual value of 516,000 and an estimaled secvice lie of 10 years. Baland purchased the buaking 4 years ago and has used straight the depreciation. At the begnning of the finh year (beloce \& records deprecibion expense for the year), the following independent stuations occur 1. Bsiand estmoles that the asset has 8 years' He remaning (for a total of 12 years). 2. Baland changes to the sum-of-the-years'digts method. 3. Batand dacovers that the estinated tesidual value has been iqnored n the computaton of deprecation expense Required: For each of the independent situstions, prepare all the journal entries relatipg to the bunding for the hinh year fonore income tares. CHART OF ACCOUNTS Bailand Company General Ledger LIABILITIES 512 Utilites Expense 211 Accounts Payable 521 Salaries Expense 231 Salaries Payable 531 Depreciation Expense 250 Unearned Revenue 532 Bad Debt Expense 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings lgnore income taxes additionsitintitusbon thoy deat groping youke? Prepare the joumal entry on December 31 to record depreciation in the fith year after the change in depreciation method Additional Instruction Question not attempted. Question not attempted