Eddlebrock Manifolds, Inc. acquired the following assets in January 2018: Manufacturing Equipment Cost: $875,000, estimated service life 8 years; with $215,000 salvage value.

Building for a Warehouse and Shop Cost: $2,458,750 estimated service life 25 years; no salvage value.

The equipment has been depreciated using the sum of the years digits method for the first 3 years for financial reporting purposes. In 2021, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made to the estimated service life or salvage value. The company also decided to change the estimated remaining service life of the building to 20 years as of January 1, 2021, with estimated salvage value still zero. The building has been depreciated on the straight-line method and this method will continue to be used.

Required:

(a) Prepare the general journal entry to record depreciation expense for the equipment in 2021.

(b) Prepare the journal entry to record depreciation expense for the building in 2021.