Oriole Machining purchased the assets of an existing business on June 30, 2020. It immediately started operations and has a calendar year end. The trial balance of Oriole Machining at December 31, 2021 shows the following: Building Accumulated depreciation - building Equipment Accumulated depreciation - equipment Land improvements Accumulated depreciation and improvements 343,000 242,000 25,800 112.000 45,375 22,000 The accounting policies chosen for the property, plant, and equipment assets Building Straight-line Diminishing balance - 25 Diminishing balance - 15% $70,000 Land improvements Residual value - Building Resijalale - Equipment Residual value - Land improvements Useful lide- ding Useful life - Equipment UutuleLand improvements Events and transactions for 2022 follow 1. On January 4, 2022. Oriole replaced a motors on one of the larger pieces of equipment at a cost of $16.500. The cost of the old motor removed could not be determined. The replacement motor wil operate using half of the electricity that was consumed by the old motor. The useful life and the residual value of l of the coun t did not change as a result of this addition 2. On May 1, 2022, after sal spring floodino, Oriol had to replace the parking lot, which was the only item in the land improvements account. The cost to replace was 132,000. The new parking lot is expected to have a useful life of 10 years, with no residual value red. Do not indet manly. If entry is required, select "No Entry for Record the transactions that occurred during 2022. (Cred account titles are automatically indented where the amount the accountries and enter for the amounts Around answers to decimales, 5.275) Date Account Titles and planation Record the transactions that occurred during 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manual the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation Jan. 4, 2022 // / May 1, 2022 IN // // // 11 / // // LILIT OOOO OOD LIITTO NIE DOTTI 11 / / (To record depreciation expense) May 1, 2022 / / // // TL / /// (To record retirement of land improvement) May 1, 2022 (To record costs to resurface)