Problem 11 3 (Algo) Depreciation methods partial periods Chapters 10 and 11 LO11 2 The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020 Plant Asset Accumulated Depreciation Land $ 330,000 $ 0 Land improvements 174,000 41,000 Building 1,460,000 330,000 Equipment 1,118,000 385,000 Automobiles 146,000 110,000 Transactions during 2021 were as follows On January 2, 2021, equipment were purchased at a total invoice cost of $240,000, which included a $5,100 charge for freight Installation costs of $23,000 were incurred On March 31, 2021, a small storage building was donated to the company The person donating the building originally purchased it three years ago for $21,000 The fair value of the building on the day of the donation was $15,000 On May 1, 2021, expenditures of $46,000 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, 2021, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pells common stock that had a market price of $34 per share Pell paid legal fees and title insurance totaling $21,000 Shortly after acquisition, the building was razed at a cost of $31,000 in anticipation of new building construction in 2022 On December 31, 2021, Pell purchased a small storage building by giving $14,250 cash and an old automobile purchased for $16,000 in 2014 Depreciation on the old automobile recorded through December 31, 2021, totaled $12,000 The fair value of the old automobile was $3,550 Required For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2021, using the following depreciation methods and useful lives Land improvementsStraight line 15 years Building150 declining balance 20 years EquipmentStraight line 10 years AutomobilesUnits of production $0 50 per mile Depreciation is computed to the nearest month and no residual values are used Automobiles were driven 36,000 miles in 2021 (Do not round intermediate calculations and round your final answers to 2 decimal places ) 11,600 00 PELL CORPORATION Depreciation For the Year Ended December 31, 2021 Land Improvements $ Building Equipment Automobiles Total depreciation for 2021 $ 11,600 00

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Problem 11-3 (Algo) Depreciation methods; partial periods Chapters 10 and 11 [LO11-2] The plant asset and accumulated depreciation accounts of Pell Corporation had the following

Problem 11-3 (Algo) Depreciation methods; partial periods Chapters 10 and 11 [LO11-2]

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020:

	Plant Asset		Accumulated Depreciation
Land	$	330,000	$	0
Land improvements		174,000		41,000
Building		1,460,000		330,000
Equipment		1,118,000		385,000
Automobiles		146,000		110,000

Transactions during 2021 were as follows:

On January 2, 2021, equipment were purchased at a total invoice cost of $240,000, which included a $5,100 charge for freight. Installation costs of $23,000 were incurred.
On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $21,000. The fair value of the building on the day of the donation was $15,000.
On May 1, 2021, expenditures of $46,000 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, 2021, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pells common stock that had a market price of $34 per share. Pell paid legal fees and title insurance totaling $21,000. Shortly after acquisition, the building was razed at a cost of $31,000 in anticipation of new building construction in 2022.
On December 31, 2021, Pell purchased a small storage building by giving $14,250 cash and an old automobile purchased for $16,000 in 2014. Depreciation on the old automobile recorded through December 31, 2021, totaled $12,000. The fair value of the old automobile was $3,550.

Required:

For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2021, using the following depreciation methods and useful lives: Land improvementsStraight line; 15 years. Building150% declining balance; 20 years. EquipmentStraight line; 10 years. AutomobilesUnits-of-production; $0.50 per mile Depreciation is computed to the nearest month and no residual values are used. Automobiles were driven 36,000 miles in 2021. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

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11,600.00 PELL CORPORATION Depreciation For the Year Ended December 31, 2021 Land Improvements $ Building Equipment Automobiles Total depreciation for 2021 $ 11,600.00