Prepare all required journal entries for the following transactions including amortization entries for the year ending on December 31. Explanations not required. Ignore taxes.

2018

Jan. 1 Purchased a building for $105,000. Paid with a note payable. The building is estimated to have a $15,000 residual value, 20-year expected life (2038), straight line amortization.

Feb. 1 Purchased a vehicle for $15,000 cash. It had a $5,000 residual value, 4-year expected life. Expected total mileage available was 200,000. Actual mileage was 50,000 during the year.

2019

Dec. 1 Sold the vehicle for $7,000 cash. The vehicle had been driven an additional 40,000 miles between Jan 1 and November 30 2019.

Dec. 31 At the beginning of 2019, based on new evidence, the estimated remaining useful life of the building was shortened to 2033, not 2038 as originally estimated. The residual value was not changed.