which journal entry reflects the adjusting entry needed on December 31 ?

last year, BOC purchased a building for $1,000,000. The expected life of the building is 20 years and its expected salvage value is $200,000. Now, it is December 31, the end of the fiscal year. No other entries were recorded for this building during the year.

7. Which journal entry reflects the adjusting entry needed on December 317 Last year, BOC purchased a building for $1,000,000. The expected life of the building is 20 years and its expected salvage value is $200,000. Now, it is December 31, the end of the fiscal year. No other entries were recorded for this building during the year. O No entry needed. The building was not purchased this year. O Dr. Depreciation Expense 50,000 Cr. Accumulated Depreciation 50,000 O Dr. Depreciation Expense 40,000 Cr. Accumulated Depreciation 40,000 Dr. Depreciation Expense 40,000 O Cr. Building 40,000 O Dr. Depreciation Expense 50,000 Cr. Building 50,000