Questo Question 3 20 poline On January 1, 2006, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs, Building, 25-year estimated useful life, $4,000,000 cost, $400,000 salvage value Machinery, 10-year estimated usefut life, $500,000 cost, no salvage value The bullehng has been depreciated under the straight-line method through 2010. In 2011, the company decided to switch to the double declining balance method depreciation for the building. Powell also decided to change the total useful life of the machinery to 8 years, with a salvage value of $25,000 at the end of that time. machinery is depreciated using the straight-line method. Required (a) Prepare the journal entry necessary to record the depreciation expense on the building in 2011 (b) Compute depreciation expense on the machinery for 2011