Budget Hardware Consultants purchased a building for $615,000 and deprecated it on a straight-line basis over a 35-year period. The estimated residual value is $90,000. After using the building for 15 years, Budget realized that wear and tear on the building would wear it out before 35 years and that the estimated residual value should be $78,000 Starting with the 16th year, Budget began depreciating the building over a revised totale of 25 years using the new residual value. Journalize depreciation expense on the building for years 15 and 16. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) To record depreciation on building Now, journalize the depreciation on the building for year 16 Accounts and Explanation Depreciation Expense ---Building Accumulated Depreciation-Building Debit Date Credit To record depreciation on building