Arnold Corporation had the following assets on January 1, 2021: Asset Building Equipment Cost $500,000 200,000 Purchase Date Jan. 1, 2001 July 1, 2015 Useful Life 30 Years 8 Years Salvage Value $100,000 8,000 During 2021, Arnold Corporation revises the total useful life of building to 45 years and its salvage value to $50,000. Equipment is sold on October 1, 2021 for $60,000. REQUIRED: For the Building a. Calculate the book value of the building on 1/1/2021. b. Calculate the revised annual depreciate for building and recorded the depreciation journal entry at 12/31/2021. c. Show how the building will be reported on the balance prepared on 12/31/2021. For the Equipment a. Prepare the journal entry to record the depreciation prior to sale and calculate the book value of the equipment on 10/01/2021. b. Prepare the journal entry to record the sale of equipment on 10/01/2021