New York Consultants purchased a building for $430,000 and depreciated it on a straight-line basis over 40 years. The estimated residual value was $70,000. After using the building for 20 years, New York realized that the building would remain useful only 14 more years. Starting with the 21st year, New York began depreciating the building over a revised total life of 34 years and decreased the residual value to $12,980. Requirement 1. Record depreciation expense on the building for years 20 and 21. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording depreciation expense on the building for year 20. Date Year 20 Journal Accounts Now record depreciation expense on the building for year 21. Date Year 21 Journal Accounts Debit Credit Debit Credit