Terry Wade, the new controller of Pina Colada Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Date Accumulated Depreciation Useful life in Years Salvage Value Type of Asset Acquired Cost 1/1/20 Old Proposed Old Building Proposed 1/1/14 $828,000 $118.950 40 50 $35,000 $88,650 Warehouse 1/1/15 120,000 23,160 25 20 4.200 21,840 All assets are depreciated by the straight-line method. Pina Colada Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry's proposed changes. Prepare the entry to record depreciation on the building in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31