Recently the Ace Manufacturing Company purchased an office building and a new computer system. Below is the information about these two new items of Property, Plant, \& Equipment. The fnllouinn ore the fanto fin the nffira huildiner The following are the facts for the computer system: The following is a partial list of the accounts in Ace's General Ledger. These are the only accounts you need for this problem. > Cash D Building (asset account) D Accumulated Depreciation-Building D Computer (asset account) D Accumulated Depreciation-Computer > Note Payable D Depreciation Expense Use the forms on Tabs 72A and in the Excel file Problem 7.1 to 7-8 Forms to complete this problem. Requirement 1 Prepare the General Journal entry to record the purchase of the new building on April 1. Requirement 2 Calculate the amount of monthly depreciation for the new building. Chapter 7 - Adjusting Entries SOLID FOOTING 85 Problem 7-2 (continued) Requirement 3 Prepare the April 30 General Joumal adjusting entry to record depreciation of the office building for the month of April. Requirement 4 Prepare the General Journal entry to record the purchase of the new computer system on May 1. Requirement 5 Calculate the amount of monthly depreciation for the new computer system. Requirement 6 Prepare the May 31 General Journal adjusting entry to record depreciation of the computer system for the month of May. Requirement 7 Prepare the May 31 General Journal adjusting entry to record depreciation of the office building for the month of May. Requirement 8 Ace prepares financial statements monthly. Assuming that these are Ace's only two items of Property, Plant, \& Equipment, what would be the amount of Depreciation Expense on Ace's May Income Statement