The following transactions occurred during 2012. Assume that depreciation of 10% per year is charged on all machinery and 3% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year. Jan. 30 A building that cost $250,000 in 1993 is torn down to make room for a new building. The wrecking contractor was paid $18,000 and was permitted to keep all materials salvaged. Mar. 10 Machinery that was purchased in 2005 for $20,000 is sold for $1,500 cash, f.o.b. purchaser