The December 31, 2020, adjusted trial balance of Biomedics Inc. showed the following information:

Building ......................................................................................... $274,800
Accumulated depreciation, building1 ......................................... 134,400
Equipment ...................................................................................... 117,600
Accumulated depreciation, equipment2 ...................................... 38,400

During 2021, a major increase in market demand for building space caused the company to assess the useful life and residual value of the building. It was decided that the useful life would be increased by five years and the residual value increased by $48,000. At the beginning of 2021, it was determined that the remaining estimated life of the equipment should be 10 years and the residual value $6,000. Biomedics calculates depreciation using the straight-line method to the nearest month (round calculations to the nearest whole dollar).

Required

Prepare the entries to record depreciation on the building and equipment for the year ended December 31, 2021.