ltakeAssignmentSessionLocator=&inprogress=false Show Me How Print Item ages and Corrections of Depreciation istru cuns Chart of Accounts General Journal ructions and Company purchased a building for $218,000 that had an estimated residual value of $8,000 and an estimated service life of 10 years. Bailand purchased the Hing 4 years ago and has used straight-line depreciation. At the beginning of the fifth year (before it records depreciation expense for the year), the following pendent situations occur 1. Bailand estimates that the asset has 8 years' life remaining (for a total of 12 years). 2. Bailand changes to the sum-of-the-years' digits method. 3. Bailand discovers that the estimated residual value has been ignored in the computation of depreciation expense. Required: For each of the independent situations, prepare all the journal entries relating to the building for the fifth year. Ignore income taxes. General Journal How does grading work? PAGE 16 GENERAL JOURNAL Score: 21/25 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Dec. 31 Depreciation Expense 28,000.00 2 Accumulated Depreciation 28,000.00 P