ons ry 1, Tolson Company purchased a building by paying $85,000. The building has an estimated life of 40 years and an esti alue of $5,000. uired: are journal entries to record the purchase and the related year-end adjusting entry. re the journal entry to record the related year-end adjusting entry on December 31. ons ry 1, Tolson Company purchased a building by paying $85,000. The building has an estimated life of 40 years and an esti alue of $5,000. uired: are journal entries to record the purchase and the related year-end adjusting entry. re the journal entry to record the related year-end adjusting entry on December 31