Check my work 3 Exercise 9-9 Lump-sum purchase, double-declining balance LO1, 2 10 points Print On January 1, 2020. Creative Calligraphy Inc. purchased land, building, equipment, and tools for a total of $3,020,000. An appraisal identified the fair values to be $728,500 (land). $1.175.000 (building). $376,000 (equipment), and $70.500 (tools). The estimated useful life and residual value of the building was 10 years and $725.000; for the equipment, five years and $47.000: and for the tools, three years and $7,500. Required: Calculate depreciation for 2020 and 2021 using the double-declining-balance method. Creative Calligraphy's year-end is December 31. (Do not round Intermediate calculations and round your final answers to nearest whole dollar.) References 2020 Depreciation 2021 Depreciation $ 05 PPE Asset Land Building Equipment Tools