Problem 2: The property, plant and equipment section of the Underwood Company's December 31, 2015, balance sheet contained the following Property, plant, and equipment: Land $410,000 Building $1,250,000 Less: accumulated depreciation 300000 950,000 Equipment S540,000 Less: accumulated depreciation Total property, plant and equipment The land and building were purchased at the beginning of 2011. Straight-line depreciation is used and a residual value of S50,000 for the building is anticipated. The equipment is comprised of the following three machines: Residual Life Date Value Cost Acquired in years 10 Machine S10,000 651 S150,000 652 280,000 653 110,000 6/30/13 10/1/15 5,000 8 Early in 2016, the useful life of machine 651 was revised to eight years in total, and the residual value was revised to zero. A. Calculate the accumulated depreciation on the equipment at December 31, 2015 B. Prepare the 2016 year end adjusting joumal entries to record depreciation on the building and equipment