On January $1,2017,$ Sweet Company purchased a building and equipment that have the following useful lives, salvage values, and costs.

Building, $40-$year estimated useful life, $$46,400$ salvage value, $$869,200$ cost

Equipment, $12-$year estimated useful life, $$9,600$ salvage value, $$105,000$ cost

The building has been depreciated under the double$-$declining$-$balance method through $2020.$ In $2021,$ the company decided to switch to the straight$-$line method of depreciation. Sweet also decided to change the total useful life of the equipment to $9$ years, with a salvage value of $$5,200$ at the end of that time. The equipment is depreciated using the straight$-$line method.

$($a$)$ Prepare the journal entry necessary to record the depreciation expense on the building in $2021.($Round answers to O decimal places, e$.$g$.125.$ 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.$)$

Account Titles and Explanation

Depreciation Expense

Debit

Credit

Accumulated Depreciation$-$Buildings

$($b$)$ Compute depreciation expense on the equipment for $2021.($Round answers to O decimal places, e$.$g$.125.)$

$2021$ Depreciation expense

$On January $1,2017,$ Sweet Company purchased a building and equipment that have the following useful lives, salvage

values, and costs.

Building, $40-$year estimated useful life, $$46,400$ salvage value, $$869,200$ cost

Equipment, $12-$year estimated useful life, $$9,600$ salvage value, $$105,000$ cost

The building has been depreciated under the double$-$declining$-$balance method through $2020.$ In $2021,$ the company

decided to switch to the straight$-$line method of depreciation. Sweet also decided to change the total useful life of the

equipment to $9$ years, with a salvage value of $$5,200$ at the end of that time. The equipment is depreciated using the

straight$-$line method.

$($a$)$ Prepare the journal entry necessary to record the depreciation expense on the building in $2021.($Round answers to $0$

decimal places, e$.$g$.125.$ 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 $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Depreciation Expense

Accumulated Depreciation$-$Buildings

$($b$)$ Compute depreciation expense on the equipment for $2021.($Round answers to $0$ decimal places, e$.$g$.125.)$