Prepare journal entries for the following transactions.

2020

Jan. 1 Purchased a building for $84,000 cash, $4,000 residual value, 20-year

expected life, double-declining-balance amortization.

May 1 Purchased equipment for $25,000 cash, $3,000 residual value, 10-year

expected life, straight-line amortization.

Dec. 31 Recorded amortization on the building and equipment.

2021

Dec. 31 Recorded amortization on the building and equipment.