Eddlebrock Manifolds, Inc. acquired the following assets in January 2018: Manufacturing Equipment: Cost: $875,000, estim

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Eddlebrock Manifolds, Inc. acquired the following assets in
January 2018:
Manufacturing Equipment:
Cost: $875,000, estimated service life 8 years; with $215,000
salvage value.
Building for a Warehouse and Shop
Cost: $2,458,750 estimated service life 25 years; no salvage
value.
The equipment has been depreciated using the sum of the year’s
digits method
for the first 3 years for financial reporting purposes. In 2021,
the company
decided to change the method of computing depreciation to the
straight-line
method for the equipment, but no change was made to the estimated
service life
or salvage value.
The company also decided to change the estimated remaining service
life of the
building to 20 years as of January 1, 2021, with estimated salvage
value still zero.
The building has been depreciated on the straight-line method and
this method
will continue to be used.
Required:
(a) Prepare the general journal entry to record depreciation
expense for the
equipment in 2021.
(b) Prepare the journal entry to record depreciation expense for
the building in
2021.