On January 1, 2017, Kingbird Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $53,600 salvage value, $768,000 cost Equipment, 12-year estimated useful life, $10,000 salvage value, $91,000 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. Kingbird 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 Debit Credit (b) Compute depreciation expense on the equipment for 2021. (Round answers to O decimal places, e.g. 125.) 2021 Depreciation expense In 2020, Swifty Corporation discovered that equipment purchased on January 1, 2018, for $47,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Swifty uses straight-line depreciation. Prepare Swifty's 2020 journal entry to correct the error. (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 Debit Credit Blossom Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining-balance was $83,100, whereas straight-line depreciation prior to 2020 would have been $51,100. Blossom's depreciable assets had a cost of $217,600 with a $36,500 salvage value, and an 7-year remaining useful life at the beginning of 2020. Prepare the 2020 journal entry related to Blossom's depreciable assets (equipment). (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 Acc Debit Credit