Stoninghton Freight purchased a building for 900,000 and depreciated it on a straight line basis for over a 40- year period.

Stonington Freight purchased a building for $900,000 and depreciated it on a straight-line basis over a 40-year period. The estimated residual value was $120,000 After using the building for 15 years, Stonington realized that wear and tear on the building would force the company to replace it before 40 years. Starting with the sixteenth year, Stonington began depreciating the building over a revised total life of 30 years and increased the estimated residual value to $195,000. Record depreciation expense on the building for years 15 and 16. (Record debits first, then credits. Exclude explanations from all joumal entries.) Record the journal entry for year 15 Journal Entry Date Accounts Debit Credit Depreciation expense, building 19,500 19,500 Record the journal entry for year 16 Journal Entry Date Accounts Debit Credit Depreciation expense, building Accumulated depreciation, building