Pharoah Inc. acquired the following assets in January $2023.$

Equipment, estimated service life, $5$ years; no salvage value $$621,000$

Building, estimated service life, $40$ years; salvage value, $$567,000,$$$5,007,000$

The equipment has been depreciated using the double$-$declining balance method for the first $2$ years for financial reporting purposes. In $2025,$ the company decided to change the method of computing depreciation to the straight$-$line method for the equipment, but no change was made in the estimated service life or salvage value. It was also decided to change the total estimated service life of the building from $40$ years to $35$ years, with no change in the estimated salvage value. The building is depreciated on the straight$-$line method.

$($a$)$ Prepare the general journal entry to record depreciation expense for the equipment in $2025.$

$($b$)$ Prepare the journal entry to record depreciation expense for the building in $2025.$

No$.$ Account Titles and Explanation

$($a$)$ Depreciation Expense

Accumulated Depreciation$-$Equipment

$($b$)$

Depreciation Expense

Accumulated Depreciation$-$Buildings

Debit

Credit