Joe has provided you with the following fixed asset schedule and needs some assistance with the calculation of depreciation expense and accumulated depreciation for 2021.

Required: 

1. Calculate depreciation expense for 2021

2. Calculate accumulated depreciation for all non-current assets for 2021

3. Prepare the adjusting journal entry to record depreciation on the Building - 124 Street

    

ASSET DESCRIPTION Land - 124 Street Building - 124 Street Land - 56 avenue Building - 56 avenue Brewing Machine ** Labelling machine - new! * Office furniture Office furniture - new!*** Computers - new!*** Computers Automobiles DEP'N POLICY N/A straight line N/A straight line units of prod'n units of prod'n straight line straight line double diminishing balance double diminishing balance double diminishing balance USEFUL LIFE N/A N/A 25 25 3,00,000 9,00,000 10 10 6 5 8 EST. RESIDUAL VALUE N/A 50,000 N/A 50,000 25,000 5,000 1,000 20,000