LIU LUI LUI LOT ust-For-You Hardware Consultants purchased a building for $502,000 and depreciated it on a straight-line basis over a 40-year period. The estimated residual value is $102,000. After using ne building for 15 years, Just-For-You realized that wear and tear on the building would wear it out before 40 years and that the estimated residual value should be $86,000. Starting with the 6th year, Just-For-You began depreciating the building over a revised total life of 35 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.) Credit egin by journalizing the depreciation on the building for year 15. Date Accounts and Explanation Depreciation Expense-Building Accumulated DepreciationBuilding Debit 10,000 10,000 To record depreciation on building. ow, journalize the depreciation on the building for year 16. Date Accounts and Explanation Depreciation Expense-Building Accumulated Depreciation Building Debit Credit To record depreciation on building