On January 1, 2014, Pronghorn Company purchased a building and equipment that have the following useful lives, salvage values, and costs.

Building, 40-year estimated useful life, $46,800 salvage value, $762,400 cost

Equipment, 12-year estimated useful life, $10,000 salvage value, $101,800 cost

The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Pronghorn also decided to change the total useful life of the equipment to 9 years, with a salvage value of $4,800 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 2018.

(b) Compute depreciation expense on the equipment for 2018.