Company purchased a building and the attached land on October 1 2020 for $ 1,800,000 Estimated Fair Value $ 500,000 $ 1,500,000 Land Building Cost $ 25,000 25 Estimated Salvage Estimated Useful Life The company uses the years Note: double-declining-balonce method when calculating depreciation expense for buildings. 1 Prepare the journal entry to record the purchase of the building and land. Date Account Debit Credit 2 Prepare the year-end journal entry to recognize depreciation for fiscal year ending December 31, 2020. Date Account Debit Credit 3 Prepare the year-end journal entry to recognize depreciation for fiscal year ending December 31, 2021. Date Account Debit Credit