E10-21 (similar to) Discount Hardware Consultants purchased a buiding for $615,000 and depreciated it on a straight-ine bass over a 35-yesar period The estimated residual value is $80,000 After using the buildng for 15 years, Discount realkzed that wear and lear on the building would wear it out before 35 years and that the estimated residual value shoukd be $74,000 Startng with the 16th year, Discount began deprecsating the building over a revised total life of 25 years using the new residual value. Journalze depreciation expense on the buiking for years 15 and 16 (Record debits first, then credts. Select the explanation on the last ine of the journal entry table ) Begin by joumalizing the depreciation on the buiding for year 15 Date Accounts and Explanation Debit Credit Depreciation Expense-Building 15,000 Accumulated Depreciation-Building 15,000 To record depreciation on bowaing Now, journalize the depreciation on the building for year 16 Date Debit Credit To record depreciation on building