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The following information is available for Hart Deeler Galleries, which has an accounting year-end of December 31. 1. Land was purchased on January 1, 2022,

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The following information is available for Hart Deeler Galleries, which has an accounting year-end of December 31. 1. Land was purchased on January 1, 2022, for $60,000, but it was not placed into use yet as construction was beginning. Because the land is located in the middle of town, its estimated use life is 30 years. There is no salvage value for the land. Hart Deeler Galleries would use the straight-line method of depreciation, if applicable. 2. On August 1, 2022, it completed construction of a new art gallery building on the land and began using it in its operations. It cost $325,000, and was estimated to have a $45,000 salvage value at the end of its 20 -year useful life. The straight-line method of depreciation is being used. 3. A delivery van was purchased on October 1. 2022, for $105,000. with an estimated salvage value of $7,000. It was estimated to have a useful life of 10 vears, and could be used for an estimated 120.000 miles. During 2022 and 2023, it was driven 2,100 miles and 13,400 miles, respectively. The units-ofactivity method of depreciation is being used. 4. On February 1, 2023, it purchased a new computer for its business at a cost of $1,800. It was estimated to have an $200 salvage value, and a useful life of 5 years. Double-declining balance is being used. Accumulated depreciation as of January 1, 2023, is as follows: - Land: $0 las it was only put into use on August 1, 2022 when the building was completed] - Building: 55,833 - Delivery van: $1,715 - Computer. $0 (because it was not purchased until February 1, 2023) QUESTIONS: 1. For each asset, what is its depreciation expense for the year ending December 31, 2023? (Make sure to list each asset separately.) (6 points) 2. What is the net book value of each fixed asset as of December 31, 2023? (Remember, net book value equals original cost minus accumulated depreciation.) ( 3 points) SPECIFIC INSTRUCTIONS

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