Question One: (10 marks) (A1, C1, C2,D1) On January 1, 2014, Powell Company purchased a building and machinery that have the following useful lives, residual value, and costs. Building, 25-year estimated useful life, $4,000,000 cost, $400,000 residual value Machinery, 10-year estimated useful life, $500,000 cost, no residual value The building has been depreciated under the straight-line method through 2018. In 2019, the company decided to switch to the double-declining balance method of depreciation for the building, Powell also decided to change the total useful life of the machinery to 8 years, with a residual value of $25,000 at the end of that time. The machinery is depreciated using the straight-line method. Instructions (a) Prepare the journal entry necessary to record the depreciation expense on the building in 2019. (7 Marks) (b) Compute depreciation expense on the machinery for 2019