SEE ATTACHED.

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015:

Plant AssetAccumulated

DepreciationLand$400,000$0Land improvements195,00055,000Building1,600,000400,000Machinery and equipment1,258,000455,000Automobiles160,000117,000

Transactions during 2016 were as follows:a.On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $310,000, which included a $6,500 charge for freight. Installation costs of $37,000 were incurred.

b.On March 31, 2016, a machine purchased for $68,000 in 2012 was sold for $41,500. Depreciation recorded through the date of sale totaled $28,900.

c.On May 1, 2016, expenditures of $60,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather.

d.On November 1, 2016, 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 $48 per share. Pell paid legal fees and title insurance totaling $28,000. Shortly after acquisition, the building was razed at a cost of $45,000 in anticipation of new building construction in 2017.

e.On December 31, 2016, Pell purchased a new automobile for $17,750 cash and trade-in of an old automobile purchased for $23,000 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $17,250. The fair value of the old automobile was $4,250.

Required:For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2016, using the following depreciation methods and useful lives:

Land improvements?Straight line; 15 years.Building?150% declining balance; 20 years.Machinery and equipment?Straight line; 10 years.Automobiles?150% declining balance; 3 years.

Depreciation is computed to the nearest month and no residual values are used.(Do not round intermediate calculations.)