78. EcoPower Innovations Ltd. owns the following assets:

Asset	Purchase Date	Cost	Useful Life	Residual Value
Wave Energy Converters	Jan 1, 2020	$700,000	25 years	$60,000
Geothermal Plants	July 1, 2021	$1,400,000	30 years	$90,000

Instructions: a) Calculate the depreciation expense for each asset for the fiscal year 2023. b) Determine the balance in the accumulated depreciation account for each asset on December 31, 2023. c) Compute the net amount to be reported in the 2023 financial statements for each asset as of December 31, 2023.