On January 1, 2020, Creative Calligraphy Inc. purchased land, building, equipment, and tools for a total of $3,720,000. An appraisal identified the fair values to be $1,026,000 (land), $1,296,000 (building), $297,000 (equipment), and $81,000 (tools). The estimated useful life and residual value of the building was 10 years and $760,000; for the equipment, five years and $54,000; and for the tools, three years and $8,200. 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.) PPE Asset Answer is complete but not entirely correct. 2020 Depreciation 2021 Depreciation Land $ 0 $ 0 Building $ 259,200 $ 207,360 Equipment 118,800 $ 71,280 Tools $ 54,000 $ 18,000