On January 1, 2019, Pronghorn Corporation purchased a buildingto use as its factory, and some equipment to manufacture itsproduct. The following information was determined at the time ofpurchase:
| | Cost | | Useful Life | | Residual Value | | Depreciation |
| Building | | $2,550,000 | | 20 years | | $510,000 | | Double Declining |
| Equipment | | $1,060,000 | | 25 years | | $106,000 | | Straight-Line |
On January 1, 2022, Pronghorn decided to change the depreciationmethod for the building to the straight-line method, as a result ofa change in the pattern of benefits received. There was no changeto the total useful life or the residual value of thebuilding.
Pronghorn also decided that the equipment would have a total usefullife of only 13 years, with a residual value of only $55,000. Thedepreciation method for the equipment did not change. Prepare thejournal entries to record depreciation for both assets for 2022
