E$22.8($LO $2)($Accounting Changes$-$Depecelation$)$ Kathleen Cole Inc. acparmd the lollowity assets in January of $200$k$.$

Equipment, estimated aervice life, $5$ yeark, mahape value, $515,000$ Bulliding, estimated servicr like, $30$ yeark no nalvage valoe

$5325000$

$543\mathrm{.}000$ for financial reporting parposes. In $2021,$ the company Ancldst to ctarpe the metbod of compating teprociation to the straight$-$line method for the equipment, bot no dhape was made it the extimated rervice life or calvage valae. It was also decided to change the notal ext mated service lide of the lowling frum $30$ years to $40$ years, with no chatge in the extimated salvape valoe. The bellding is depenciuted ee the straigh$-$tine method.

Instructions

a$.$ Frepare the general journal entry to moond depreciation eqpense for the equipoent is $2091$

b$.$ Frepare the journal entry to reoued depreciation expenae for the buiding in $2$nal. $($Rowat all come pritations to two decimal places.$)$