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Sheffield Paper Products purchased 11,700 acres of forested timberland in March 2020. The company paid $1,989 per acre for this land, which was above the

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Sheffield Paper Products purchased 11,700 acres of forested timberland in March 2020. The company paid $1,989 per acre for this land, which was above the $936 per acre most farmers were paying for cleared land. During April May June, and July 2020, Sheffield cut enough timber to build roads using moveable equipment purchased on April 1, 2020. The cost of the roads was $294,900. and the cost of the equipment was $263.250;this equipment was expected to have a $10.530 salvage value and would be used for the next 15 years. Sheffield selected the straight-line method of depreciation for the moveable equipment. Sheffield began actively harvesting timber in August and by December had harvested and sold 631.800 board feet of timber of the estimated 7,897,500 board feet available for cutting. In March 2021, Sheffield planted new seedlings in the area harvested during the winter. Cost of planting these seedlings was $140,700. In addition, Sheffield spent $9.360 in road maintenance and $7,020 for pest spraying during calendar-year 2021. The road maintenance and spraying are annual costs. During 2021, Sheffield harvested and sold 905,580 board feet of timber of the estimated 7,546,500 board feet available for cutting In March 2022. Sheffield again planted new seedlings at a cost of $175,500, and also spent $17.550 on road maintenance and pest spraying During 2022, the company harvested and sold 760,500 board feet of timber of the estimated 7.605,000 board feet available for cutting. Compute the amount of depreciation and depletion expense for each of the 3 years (2020, 2021, and 2022). Assume that the roads are usable only for logging and therefore are included in the depletion base. (Round intermediate calculations to 5 decimal places e.g. 1.08541 and final answers to decimal places, e.g. 45,892.) 2020 2021 2022 Depletion Expense $ $ Depreciation Expense

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