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Current Attempt in nhy purchased a building and machinery that have the following useful lives, salvage value, and

costs.

Building, $25-$year estimated useful life, $$8,030,000$ cost$,$ $$803,000$ salvage value

Machinery, $10-$year estimated useful life, $$1,930,000$ cost$,$ no salvage value

The building has been depreciated under the straight$-$line method through $2023.$ In $2024,$ the company decided to switch to the

double$-$declining balance method of depreciation for the building. Sunland also decided to change the total useful life of the machinery

to $8$ years, with a salvage value of $$96,500$ at the end of $2024.$ The machinery is depreciated using the straight$-$line method.

Your answer is correct.

Prepare the journal entry necessary to record the depreciation expense on the building in $2024.($If no entry is required, select $"$No

entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not

indent manually. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Depreciation Expense

Accumulated Depreciation$-$Buildings

eTextbook and Media

List of Accounts

Attempts: $3$ of $5$ used

$($b$)$

Your answer is incorrect.

Compute depreciation expense on the machinery for $2024.$

Depreciation expense

$

$

eTextbook and Media

List of Accounts