Current Attempt in Progress The following transactions occurred during 2020. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year. Jan. 30 A building that cost $161,040 in 2003 is torn down to make room for a new building. The wrecking contractor was paid $6,222 and was permitted to keep all materials salvaged. Mar. 10 Machinery that was purchased in 2013 for $19,520 is sold for $3,538 cash, f.o.b. purchaser's plant. Freight of $366 is paid on the sale of this machinery. Mar. 20 A gear breaks on a machine that cost $10,980 in 2012. The gear is replaced at a cost of $2,440. The replacement does not extend the useful life of the machine but does make the machine more efficient. May 18 A special base installed for a machine in 2014 when the machine was purchased has to be replaced at a cost of $6,710 because of defective workmanship on the original base. The cost of the machinery was $17,324 in 2014. The cost of the base was $4,270, and this amount was charged to the Machinery account in 2014. June 23 One of the buildings is repainted at a cost of $8,418. It had not been painted since it was constructed in 2016. Date Account Titles and Explanation Debit Credit 1/30 3/10 5/18