Please I need help with this problem.

Pharoah Company is in the process of preparing its nancial statements for 2017. Assume that no entries for depreciation have been recorded in 2017. The following information related to depreciation of xed assets is provided to you. 1. Pharoah purchased equipment on January 2, 2014, for $78,300. At that time, the equipment had an estimated useful life of 10 years with a $5,300 salvage value. The equipment is depreciated on a straightline basis. On January 2, 2017, as a result of additional information, the company determined that the equipment has a remaining useful life of4 years with a $3,200 salvage value. 2. During 2017, Pharoah changed from the doubledecliningbalance method for its building to the straightline method. The building originally cost $310,000. It had a useful life of 10 years and a salvage value of $31,000. The following computations present depreciation on both bases for 2015 and 2016. 2016 2015 Straightline $27,900 $27,900 Decliningbalance 49,600 62,000 3. Pharoah purchased a machine on July 1, 2015, at a cost of $130,000. The machine has a salvage value of $16,000 and a useful life of 8 years. Pharoah's bookkeeper recorded straightline depreciation in 2015 and 2016 but failed to consider the salvage value. Prepare the journal entries to record depreciation expense for 2017 and correct any errors made to date related to the information provided. (Ignore taxes.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. Depreciation Expense Accumulated Depreciation 2. Depreciation Expense Accumulated Depreciation 3. Depreciation Expense Accumulated Depreciation (To record current year depreciation.) (To correct prior year depreciation.)