• GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $4,500. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $4,000 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly amount. Record the transaction in a journal entry.