Endblast Productions showed the following selected asset balances on December 31, 2020: Land 397,550 Building 525,650 Accumulated depreciation, building 393,600 Equipment 171,950 Accumulated depreciation, equipment 74,400 8 years The remaining useful life of the building is XX years with a residual value of $XXX; depreciated using the straight-line method to the nearest whole month. Remaining useful life Residual value 80,000 The total estimated useful life of the equipment is XX years with a residual value of $XXX; depreciated using the double-declining balance method to the nearest whole month. Total estimated useful life 10 Residual value 16,000 The Land and building were sold on Month 27, 2021, for $XXX cash. 10 Date of sale Selling price 10/27/2021 592,750 11 11/02/2021 56,050 The equipment was sold on Month 2, 2021, for $XXX cash Month of sale Selling price REQUIRED: 1. Calculate depreciation from January 1, 2021 to the date of disposal (rounded to the nearest month) for both assets being sold: BUILDING 55,706.25 EQUIPMENT 2. Prepare the journal entry to record depreciation for 2021 for both assets being sold. BUILDING Date Account Titles Debit Credit EQUIPMENT Account Titles Date Debit Credit 3. Calculate the carrying amount of each asset being sold at the time of the sale: Land ALL AMOUNTS IN THE GREEN BOXES MUST BE CELL-REFERENCED FROM THE DATA ABOVE. ACCOUNT TITLES CAN BE TYPED-IN. Building Equipment 4. Record the two disposal transactions LAND AND BUILDING Account Tities Date Debit EQUIPMENT Account Titles Credit Date Debit Credit Endblast Productions showed the following selected asset balances on December 31, 2020: Land 397,550 Building 525,650 Accumulated depreciation, building 393,600 Equipment 171,950 Accumulated depreciation, equipment 74,400 8 years The remaining useful life of the building is XX years with a residual value of $XXX; depreciated using the straight-line method to the nearest whole month. Remaining useful life Residual value 80,000 The total estimated useful life of the equipment is XX years with a residual value of $XXX; depreciated using the double-declining balance method to the nearest whole month. Total estimated useful life 10 Residual value 16,000 The Land and building were sold on Month 27, 2021, for $XXX cash. 10 Date of sale Selling price 10/27/2021 592,750 11 11/02/2021 56,050 The equipment was sold on Month 2, 2021, for $XXX cash Month of sale Selling price REQUIRED: 1. Calculate depreciation from January 1, 2021 to the date of disposal (rounded to the nearest month) for both assets being sold: BUILDING 55,706.25 EQUIPMENT 2. Prepare the journal entry to record depreciation for 2021 for both assets being sold. BUILDING Date Account Titles Debit Credit EQUIPMENT Account Titles Date Debit Credit 3. Calculate the carrying amount of each asset being sold at the time of the sale: Land ALL AMOUNTS IN THE GREEN BOXES MUST BE CELL-REFERENCED FROM THE DATA ABOVE. ACCOUNT TITLES CAN BE TYPED-IN. Building Equipment 4. Record the two disposal transactions LAND AND BUILDING Account Tities Date Debit EQUIPMENT Account Titles Credit Date Debit Credit