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TB Problem 20-117 (Algo) Annual depreciation expense on a building purchased a few years ago (using the straight-line method) is $5,600. The cost of the building was $112,000. The current book value of the equipment (January 1, 2021) is $95,200. At the time of purchase, the asset was estimated to have a zero salvage value. On January 1, 2021, the company decided to reduce the original useful life by 25% and to establish a salvage value of $5,600. The firm also decided double-declining balance depreciation was more appropriate. Ignore tax effects. Required: 1. Prepare the journal entry, if any, to report the accounting change under GAAP. 2. Record the annual depreciation for 2021. * Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the annual depreciation for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answer to nearest whole dollar) No Debit Credit 1 Date General Journal December 31, 202 Depreciation expense Accumulated depreciation 10 10 X