XYZ Inc. has a building it purchased for $550,000. It is estimated the building has a...

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XYZ Inc. has a building it purchased for $550,000. It is estimated the building has a useful life of 25 years and zero residual value. The building has three major components. XYZ uses the straight-line method of depreciation. Unit Component Cost ABC Useful Life $110,000 5 years $165,000 10 years $275,000 25 years Required: 1-a. What is the amount of depreciation in year one? Use a separate accumulated depreciation account for each component. Total depreciation expense 1-b. Provide the journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the depreciation expense. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit > 2-a. What is the value of component A at the end of the fourth year? Remaining value of the asset 2-b. The new major spare part had a cost of $130,000. Provide the journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > 1 Record the entry for the replacement of Component A assuming it is a major spare part. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry > XYZ Inc. has a building it purchased for $550,000. It is estimated the building has a useful life of 25 years and zero residual value. The building has three major components. XYZ uses the straight-line method of depreciation. Unit Component Cost ABC Useful Life $110,000 5 years $165,000 10 years $275,000 25 years Required: 1-a. What is the amount of depreciation in year one? Use a separate accumulated depreciation account for each component. Total depreciation expense 1-b. Provide the journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the depreciation expense. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit > 2-a. What is the value of component A at the end of the fourth year? Remaining value of the asset 2-b. The new major spare part had a cost of $130,000. Provide the journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > 1 Record the entry for the replacement of Component A assuming it is a major spare part. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry >