Victor Mineli, the new controller of Novak Corp. has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022 . Here are his findings: All assets are depreciated by the straight-line method. Novak Corp. uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2022. Prepare the entry to record depreciation on the building in 2022. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Sheffield Corp. sells office equipment on July 31,2022, for $19,200 cash. The office equipment originally cost $73,400 and as of January 1, 2022, had accumulated depreciation of $42,400. Depreciation for the first 7 months of 2022 is $5,750. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account tities are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)