16. Pane records depreciation and amortization expense. Use the double declining balance method for depreciation and the straight-line method for amortization. Note that all assets on the books at the beginning of the year are fully depreciated, so you only need to record depreciation and amortization for the following 3 items from the current year. Use the accumulated depreciation and accumulated amortization accounts.

a. From item 1 above, a building was acquired for 196,667 with a residual value of 20,000 and a useful life of 20 years.

b. From item 3 above, a piece of machinery was acquired for 128,206 with no residual value and a useful life of 6 years (hint: only a partial year of depreciation will be recorded since it is not acquired at the beginning of the year).

c. From item 7 above, a patent was acquired for $120,000 with a useful life of 12 years (hint: only a partial year of amortization will be recorded since it is not acquired at the beginning of the year).