Healthy Harvest Farms owns the following assets:

• Tractor: Purchased for $50,000 on January 1, 2019. It was estimated to have a useful life of 10 years with no residual value. On January 1, 2022, it was determined that the tractor actually only has a 7-year useful life from the acquisition date, with a residual value of $10,000.
• Greenhouse: Constructed at a cost of $200,000 on July 1, 2020. It has an estimated useful life of 20 years with no residual value.

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.