Question -3

On January 1, 2023, Creative Calligraphy Inc. purchased land, building, equipment, and tools for a total of $3,620,000. An appraisal identified the fair values to be $980,500 (land), $1,325,000 (building). $265,000 (equipment). and $79,500 (tools). The estimated useful life and residual value of the building was 10 years and $755,000; for the equipment, five years and $53,000; and for the tools. three years and $8,100 Required: Calculate depreciation for 2023 and 2024 using the double-declining-balance method. Creative Calligraphy's year-end is December 31. (Do not round intermediote colculations ond round your finol onswers to nearest whole dollar.)