118. Renewable Energy Innovations Ltd. possesses the following assets:

• Solar Panels: Purchased on January 1, 2020, for $900,000, with a useful life of 25 years and a residual value of $70,000.
• Wind Turbines: Acquired on July 1, 2021, for $1,600,000, with a useful life of 30 years and a residual value of $120,000. Calculate the depreciation expense for each asset for the fiscal year 2023. Determine the balance in the accumulated depreciation account for each asset on December 31, 2023. Compute the net amount to be reported in the 2023 financial statements for each asset as of December 31, 2023.