= Homework: Chapter 10 Homework Question 4, EF10-21 (similar to) Part 2 of 2 HW Score: 77.89%, 77.89 of 100 points Points: 10 of 20 Save Tuft Hardware Consultants purchased a building for $704,000 and depreciated it on a straight-line basis over a 30-year period. The estimated residual value is $104,000. After using the building for 15 years, Tuft realized that wear and tear on the building would wear it out before 30 years and that the estimated residual value should be $92,000. Starting with the 16th year, Tuft began depreciating the building over a revised total life of 20 years using the new residual value. Journalize depreciation expense on the building for years 15 and 16. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Depreciation Expense-Building Accumulated Depreciation-Building To record depreciation on building. Now, journalize the depreciation on the building for year 16. Date Accounts and Explanation Depreciation Expense-Building Accumulated Depreciation-Building To record depreciation on building Debit 20,000 Credit 20,000 Debit Credit