LUS Hide Suntem Announcements Kleso, Intermediate Accounting, 17e CALCULATOR PRINTER VERSION NEXT. RCES Exercise 22-08 Your answer is partially correct. Try again. Monty Cole Inc. acquired the following assets in January 2018 Equipment, estimated service life, 5 years, salvage value, $13,700 $523,700 Building, estimated service life, 30 years; no salvage value $678,000 The equipment has been depreciated using the sum-of-the-years-digits method for the first 3 years for financial reporting purposes. In 2021, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or salvage value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated salvage value. The building is depreciated on the straight-line method (a) Prepare the general Journal entry to record depreciation expense for the equipment in 2021. (b) Prepare the journal entry to record depreciation expense for the building in 2021. (Round answers to o decimal places, 0.9. 125. Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Account Tities and Explanation Debit Credit (a) Depreciation Expense Accumulated Depreciation (b) Depreciation Expense Accumulated Depreciation Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LETTERS LINEA MARE 13 AN A MacBook Pro