Problem $11-3($Algo$)$ Depreciation methods; partial periods Chapters $10$ and $11[$LO$11-2]$

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December $31,2023$:

$\backslash$table$[[,$Plant Asset,Accumulated Depreciation$],[$Land$,$$$380,000,$$$0$

$$44$ per share. Pell paid legal fees and title insurance totaling $$26,000.$ Shortly after acquisition, the building was razed at a cost of $$41,000$ in anticipation of new building construction in $2025.$

e$.$ On December $31,2024,$ Pell purchased a small storage building by giving $$16,750$ cash and an old automobile purchased for $$21,000$ in $2017.$

Depreciation on the old automobile recorded through December $31,2024,$ totaled $$15,750.$ The fair value of the old automobile was $$4,050.$

Required:

For each asset classification, prepare a schedule showing depreciation for the year ended December $31,2024,$ using the following depreciation methods and useful lives:

Land improvements$-$Straight line; $15$ years.

Building$-150\%$ declining balance; $20$ years.

Equipment$-$Straight line; $10$ years.

Automobiles$-$Units$-$of$-$production; $$0\mathrm{.}50$ per mile

Depreciation is computed to the nearest month and no residual values are used. Automobiles were driven $41,000$ miles in $2024.$

Note: Do not round intermediate calculations and round your final answers to $2$ decimal places.

$\backslash$table$[[$PELL CORPORATION$],[$Depreciation$],[$For the Year Ended December $31,2024],[$Land Improvements,$$,12,600\mathrm{.}0$

Problem $11-3($Algo$)$ Depreciation methods; partial periods Chapters $10$ and $11[$LO$11-2]$

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December $31,2023$:

$\backslash$table$[[,$Plant Asset,Accumulated Depreciation$],[$Land$,$$$380,000,$$$0$