Colquhoun International purchases a warehouse for $300,000. The best estimate of the salvage value at the time of purchase was $15,000, and it is expected to be used for twenty-five years. Colquhoun uses the straight-line depreciation method for all warehouse buildings. After four years of recording depreciation, Colquhoun determines that the warehouse will be useful for only another fifteen years. - At time of purchase, annual depreciation was Calculate annual depreciation expense for the first four years. Determine the depreciation expense for the final fifteen years of the asset's life: and create the depreciation expense journal entry for year five