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  3. silsbee freight purchased a building for $800,000

Silsbee Freight purchased a building for $800,000 and depreciated it on a straight-line basis over...

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Accounting

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Silsbee Freight purchased a building for $800,000 and depreciated it on a straight-line basis over a 30-year period. The estimated residual value was $110,000. After using the building for 15 years, Silsbee realized that wear and tear on the building would force the company to replace it before 30 years. Starting with the sixteenth year, Silsbee began depreciating the building over a revised total life of 20 years and increased the estimated residual value to $155,000. Record depreciation expense on the building for years 15 and 16. (Record debits first, then credits. Exclude explanations from all journal entries.) TICUUIU LIIC JUULICI CILI Y IVI y cai Journal Entry Date Accounts Debit Credit 23,000 Depreciation expense, building Accumulated depreciation, building 23,000 Record the journal entry for year 16. Journal Entry Date Accounts Debit Credit Depreciation expense, building Accumulated depreciation, building

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