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 Equipment? Less: Accumulated depreciation Total property, plant and equipment $ 720,000 $728,800 572,000 156,000 660,000 279,840 380,160 $1,256,160 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 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 View transaction list View journal entry worksheet No Date Debit Credit 1 Apr 30, 2021 General Journal Depreciation expense, building Accumulated depreciation, building 52,000 52000 2 Apr 30, 2021 Depreciation expense, equipment Accumulated depreciation, equipment 132,000 132.000 2. Prepare the property, plant, and equipment section of the balance sheet at April 30, 2021. (Enter all amounts as positive values.) BIG SKY FARMS Partial Balance Sheet April 30, 2021 Property, plant and equipment Land Building $ Less Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant and equipment S 720,000 728,000 624 000 104,000 660,000 411,840 248.160 $ 1,072,160