Question: please answer the following questions with full explanation and correct Answers. Problem 9-7A Calculating depreciation LO2 Use the following table: 'The building was purchased on

please answer the following questions with full explanation and correct Answers.

Problem 9-7A Calculating depreciation LO2 Use the following table: 'The building was purchased on May 3, 2012, and is depreciated to the nearest whole month using the straight-line methoc Depreciation is based on a 14-year life, after which it will be demolished and replaced with a new one. 2 The equipment was purchased on November 3, 2020, and is depreciated to the nearest whole month using the doubledeclining-balance method. The total estimated useful life is 10 years with a residual value of $200,000. Required: 1. Calculate and record depreciation for the year just ended April 30,2024, for both the building and equipment. 2. Prepare the property, plant, and equipment section of the balance sheet at April 30, 2024. (Enter all amounts as positive values.)

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