E22.11 (LO 2, 3) @ (Error and Change in EstimateDepreciation) Joy Cunningham Co. purchased a machine on January 1, 2018, for $550,000. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2021, the firm's accountant found that the entry for depreciation expense had been omitted in 2019. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2021. At present, the company uses the sum-of-the-years'-digits method for depreciating equipment. Instructions Prepare the general journal entries that should be made at December 31, 2021, to record these events. (Ignore tax effects.) E22.12 (LO 2) (Depreciation Changes) On January 1, 2017, Jackson Company purchased a build- ing and equipment that have the following useful lives, salvage values, and costs. Exercises 22-45 Building, 40-year estimated useful life, $50,000 salvage value, $800,000 cost Equipment, 12-year estimated useful life, $10,000 salvage value, $100,000 cost The building has been depreciated under the double-declining-balance method through 2020. In 2021, the company decided to switch to the straight-line method of depreciation. Jackson also decided to change the total useful life of the equipment to 9 years, with a salvage value of $5,000 at the end of that time. The equipment is depreciated using the straight-line method. Instructions a. Prepare the journal entry(ies) necessary to record the depreciation expense on the building in 2021. b. Compute depreciation expense on the equipment for 2021