Try another version of this question Fix-It Hardware purchased a building for $450,320 and depreciated it on a straight-line basis over a 35 year period. The estimated residual value is $103,260. After using the building for 15 years, Fix-It Hardware realized that wear and tear on the building would wear it out before 35 years and that the estimated residual value should be $86,640. Starting with the 16th year, Fix-it Hardware began depreciating the building over a revised total life of 20 years using the new residual value. *Round all values to the nearest whole number. Straight-line Straight-line Method = `(` Cost `-` Residual Value`)` `/` Time `=` Depreciation per year Straight-line Method = `(` $ `-` $ `)` `/` `=` $ per year Accumulated depreciation after 15 years Depreciation X Years = Amount after 15 years $ X `=` $ Book value after 15 years Cost `-` Accumulated Depreciation `=` Book Value $ `-` $ `=` $ Revised depreciation Straight-line Method = `(` Book Value `-` Residual Value`)` `/` Time `=` Depreciation per year Straight-line Method = `(` $ `-` $ `)` `/` `=` $ per year Journalize depreciation expense on the building for years 15 and 16. Date Description Debit Credit Year 15 Year 15 Year 16 Year 16 Date Description Debit Credit Year 15 Depreciation Expense 9,916 Year 15 Accumulated Depreciation - Building 9,916 Year 16 Depreciation Expense 42,988 Year 16 Accumulated Depreciation - Building 42,988