Answer with detailed working Novak Cole Inc. acquired the following assets in January of 2018.Equipment, estimated service life, 5 years; salvage value, $13,700Building, estimated service life, 30 years; no salvage value$523,700$678,000The equipment has been depreciated using the sum-of-the-years' digits method for the first 3 years for financial reporting purposes. In2021, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but nochange was made in the estimated service life or salvage value. It was also decided to change the total estimated service life of thebuilding from 30 years to 40 years, with no change in the estimated salvage value. The building is depreciated on the straight-linemethod.(a)Prepare the general journal entry to record depreciation expense for the equipment in 2021.(b)Prepare the journal entry to record depreciation expense for the building in 2021.(Round answers to O decimal places, eg. 125. 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 O for the amounts.)No. Account Titles and Explanation(a)DebitCredit(b)

Name: Answer with detailed working Novak Cole Inc. acquired the following as
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Answer with detailed working Novak Cole Inc. acquired the following assets in January of 2018.Equipment, estimated service life, 5 years; salvage value, $13,700Building, estimated service life, 30 years; no salvage value$523,700$678,000The equipment