Who Are You, Inc. purchased a building for $600,000 on September 1^st, 2020, paying cash. The building has a 20-year useful life and is expected to have $0 salvage value at the end of its useful life. Assume that the firm uses the straight-line depreciation method (i.e. the cost of the building is allocated evenly over its useful life). Assume that the firm has an annual accounting period which ends on December 31^st and adjusting entries are only made at the end of the accounting period on December 31^st. No adjusting entry has been made yet. Which of the following is the correct adjusting journal entry to make on December 31^st, 2020?

Group of answer choices

Debit: Depreciation Expense $30,000; Credit: Building $30,000

Debit: Depreciation Expense $10,000; Credit: Accumulated Depreciation - Building $10,000

Debit: Depreciation Expense $30,000; Credit: Accumulated Depreciation - Building $30,000

Debit: Accumulated Depreciation - Building $10,000; Credit: Building $10,000

Debit: Depreciation Expense $10,000; Credit: Building $10,000