Building, 25-year estimated useful life, $7,760,000 cost, $776,000 salvage value Machinery, 10-year estimated useful life, $1,020,000...

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Building, 25-year estimated useful life, $7,760,000 cost, $776,000 salvage value Machinery, 10-year estimated useful life, $1,020,000 cost, no salvage value The building has been depreciated under the straight-line method through 2023. In 2024, the company decided to switch to the double-declining balance method of depreciation for the building. Pharoah also decided to change the total useful life of the machinery to 8 years, with a salvage value of $51,000 at the end of 2024. The machinery is depreciated using the straight-line method. (a) Your answer has been saved. See score details after the due date. Prepare the journal entry necessary to record the depreciation expense on the building in 2024. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Depreciation Expense Debit 636320 Credit (b) Accumulated Depreciation-Buildings Compute depreciation expense on the machinery for 2024. 636320 Attempts: 1 of 1 used Building, 25-year estimated useful life, $7,760,000 cost, $776,000 salvage value Machinery, 10-year estimated useful life, $1,020,000 cost, no salvage value The building has been depreciated under the straight-line method through 2023. In 2024, the company decided to switch to the double-declining balance method of depreciation for the building. Pharoah also decided to change the total useful life of the machinery to 8 years, with a salvage value of $51,000 at the end of 2024. The machinery is depreciated using the straight-line method. (a) Your answer has been saved. See score details after the due date. Prepare the journal entry necessary to record the depreciation expense on the building in 2024. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Depreciation Expense Debit 636320 Credit (b) Accumulated Depreciation-Buildings Compute depreciation expense on the machinery for 2024. 636320 Attempts: 1 of 1 used