Designing Consultants purchased a building for $525,000 and depreciated it on a straight-line basis over 40 years. The estimated residual value was $55,000 After using the building for 20 years, Designing realized that the building would remain useful only 14 more years. Starting with the 21st year, Designing began depreciating the building over a revised total life of 34 years and decreased the residual value to $21,200. y v EU WAT DIE UF 54 years and creased the residual value to 21.UU. Requirement 1. Record depreciation expense on the building for years 20 and 21. (Record debits first, then credits. Exclude explanations from any Start by recording depreciation expense on the building for year 20. Journal Date Accounts Debit Credit Year 20 Now record depreciation expense on the building for year 21. Journal Debit Credit Date Accounts Year 21