5. Changes in depreciation methods, estimates. On January 1,2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the machinery to 8 years, with a salvage value of $60,000 at the end of that time. The machinery is depreciated using the straight-line method. Instructions (a) Prepare the journal entry necessary to record the depreciation expense on the building in 2018. (b) Compute depreciation expense on the machinery for 2018. 6. Noncounterbalancing error. Quigley Co. bought a machine on January 1, 2016 for $2,800,000. It had a $240,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2018. Instructions Prepare the entry or entries related to the machine for 2018. Ignore taxes