Putnam Freight purchased a building for $$500,000$ and depreciated it on a straight$-$line basis over a $30-$year period. The estimated residual value was $$80,000.$ After using the building for $15$ years, Putnam realized that wear and tear on the building would force the company to replace it before $30$ years. Starting with the sixteenth year, Putnam began depreciating the building over a revised total life of $25$ years and increased the estimated residual value to $$120,000.$ Record depreciation expense on the building for years $15$ and

$16.($Record debits first, then credits. Exclude explanations from all journal entries.$)$

Record the journal entry for year $15.$

Date

Journal Entry

Accounts

Debit

Credit