The Bailand Company purchased a building for P 210,000 that had an estimated residual value of P10,000 and an estimated service life of 10 years. The company purchased the building four years ago and has used straight-line depreciation. At the beginning of the fifth year (before it records depreciation for the year), the following independent situations occur:   The company estimates that the asset has eight years’ life remaining (for a total of 12 years). The company changes to the sum-of-the-years’-digits method. The company discovers that the estimated residual value has been ignored in the computation of the depreciation.   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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