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QueSLIUI JUI J UU Oliver Inc. acquired the following assets in January 2017: $420,000 Equipment: estimated useful life, 5 years; residual value, $15,000 Building: estimated useful life, 30 years; no residual value $810,000 The equipment was depreciated using the double-declining-balance method for the first three years for financial reporting purposes In 2020, the company decided to change the method of calculating depreciation for the equipment to the straight-line method. because of a change in the pattern of benefits received (but no change was made in the estimated useful life or residual value). It was also decided to change the building's total estimated useful life from 30 years to 40 years, with no change in the estimated residual value. The building is depreciated using the straight-line method. Your answer is partially correct. C Clear AENG 2012 Prepare the journal entry to record depreciation expense for the equipment in 2020. (Ignore tax effects) (Credit account titles are TI E Type here to search Your answer is partially correct. Prepare the journal entry to record depreciation expense for the equipment in 2020. (Ignore tax effects.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts.) Debit Credit Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Equipment e Textbook and Media -4C Clear A EN TI E g e to search 0.6/11 are the journal entry to record the depreciation expense for the building in 2020. (Ignore tax effects.) (Round answer to o hal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry uired, select "No Entry" for the account titles and enter Ofor the amounts.) Debit Credit count Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings e Textbook and Media List of Accounts ENI d'C Clear

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