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 $31,2023$:

Plant Asset Accumulated Depreciation

Land $ $325,000$ $ $0$

Land improvements $172,50040,000$

Building $1,450,000388,463$

Equipment $1,108,000380,000$

Automobiles $145,000109,500$

Transactions during $2024$ were as follows:

On January $2,2024,$ equipment were purchased at a total invoice cost of $$235,000,$ which included a $$5,000$ charge for freight. Installation costs of $$22,000$ were incurred in addition to the invoice cost.

On March $31,2024,$ a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $$20,000.$ The fair value of the building on the day of the donation was $$14,400.$

On May $1,2024,$ expenditures of $$45,000$ were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated.

On November $1,2024,$ Pell acquired a tract of land with an existing building in exchange for $10,000$ shares of Pell$$s common stock that had a market price of $$33$ per share. Pell paid legal fees and title insurance totaling $$20,500.$ Shortly after acquisition, the building was razed at a cost of $$30,000$ in anticipation of new building construction in $2025.$

On December $31,2024,$ Pell purchased a small storage building by giving $$14,000$ cash and an old automobile purchased for $$15,500$ in $2017.$ Depreciation on the old automobile recorded through December $31,2024,$ totaled $$11,625.$ The fair value of the old automobile was $$3,500.$

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 $35,500$ miles in $2024.$

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