Problem 9-7A Calculating depreciation LO2 Use the following table: Big Sky Farms Partial Balance Sheet April 30, 2020 Property, plant and equipment: Land Building1 Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant and equipment $ 710,000 $714,000 561,000 153,000 650,000 275,600 374,400 $1,237,400 1The building was purchased on May 3, 2009, and is depreciated to the nearest whole month using the straight-line method. Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one. 2The equipment was purchased on November 3, 2017, and is depreciated to the nearest whole month using the double-declining- balance method. The total estimated useful life is 10 years with a residual value of $200,000. Required: 1. Calculate and record depreciation for the year just ended April 30, 2021, for both the building and equipment.