Waterway Company is in the process of preparing its financial statements for $2025.$ Assume that no entries for depreciation have been recorded in $2025.$ The following information related to depreciation of fixed assets is provided to you.

Waterway purchased equipment on January $2,2022,$ for $$78,300.$ At that time, the equipment had an estimated useful life of $10$ years with a $$5,300$ salvage value. The equipment is depreciated on a straight$-$line basis. On January $2,2025,$ as a result of additional information, the company determined that the equipment has a remaining useful life of $4$ years with a $$3,200$ salvage value.

During $2025,$ Waterway changed from the double$-$declining$-$balance method for its building to the straight$-$line method. The building originally cost $$310,000.$ It had a useful life of $10$ years and a salvage value of $$31,000.$ The following computations present depreciation on both bases for $2023$ and $2024.$

$\backslash$table$[[,2024,,2023],[$Straight$-$line,$$27,900,,$$$27,900$

Prepare the journal entries to record depreciation expense for $2025$ and correct any errors made to date related to the information provided.

$($Ignore taxes$)$