On 1/1/08, Powell Co purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25 years estimated useful life, $5,000,000 cost, $500,000 salvage value Machinery, 10 yr estimated useful life, $700,000 cost, no salvage value The building has been depreciated under the striaght-line method through 2012. in 2013, the company decide to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the machinery to 8 years, with a salvage value of $35,000 at the end of that time. The machinery is depreciated using the straight-line method. a) Prepare the journal entry necessary to record the depreciation expense on the building in 2013. b) Compute depreciation expense on teh machinery for 2013.