Bailand Company purchased a building for $210,000 that had an estimated residual value of $10,000...
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Accounting
Bailand Company purchased a building for $ that had an estimated residual value of $ and an estimated service life of years. Bailand purchased the building years ago and has used straightline depreciation. At the beginning of the fifth year before it records depreciation expense for the year the following independent situations occur: Bailand estimates that the asset has years life remaining for a total of years Bailand changes to the sumoftheyearsdigits method. Bailand discovers that the estimated residual value has been ignored in the computation of depreciation expense. Required: For each of the independent situations, prepare all the journal entries relating to the building for the fifth year. Ignore income taxes.
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