Problem 9-7A Calculating depreciation LO2 Use the following table Big Sky Farms Partial Balance Sheet April 30, 2020 Property, plant and equipment Land Building Less Accumulated depreciation Less Accumulated depreciation Total property, plant and equipment $740,000 $870,000 618,000 232,000 580,000 245,920 334,080 $1,300,000 The 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 15-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 $250,000. Required: 1. Calculate and record depreciation for the year just ended April 30, 2021, for both the building and equipment. View transaction list