The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2012 Plant Asset 315,000 169,568 Land Land improvements Building Machinery and equipment Automobiles 38,009 1,43e,e0e 315,e0e 1,688,00378,809 1e8,580 143,000 Transactions during 2018 were as follows a On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $225,000, which included a $4.800 b. On March 31, 2018, a small storage building was donated to the company The person donating the building originally purchased c On May 1 2018 expenditures of S43 000 were made to repave parking lots at Pell's plant location The work was necessitated by d. On November 1, 2018, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock charge for freight Installation costs of $20,000 were incurred three years ago for $18,000 The fair value of the building on the day of the donation was $13,400 damage caused by severe winter weather that had a market price of $31 per share. Pell paid legal fees and titie insurance totaling $19.500 Shortly after acquisition, the building was razed at a cost of $28,000 in anticipation of new building construction in 2019 e On December 31, 2018, Pell purchased a small storage building by giving $13,500 cash and an oid automobile purchased for $14,500 on January 1, 2017, Depreciation on the old automobile recorded through December 31, 2018, totaled $10.875 The fair Prey 1 2 I Next> d. On November 1, 2018, 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 $31 per share. Pell paid legal fees and title insurance totaling $19,500 Shortly after acquisition, the building was razed at a cost of $28,000 in anticipation of new building construction in 2019 e. On December 31, 2018, Pell purchased a small storage building by giving $13,500 cash and an old automobile purchased for $14,500 on January 1, 2017. Depreciation on the old automobile recorded through December 31, 2018, totaled $10,875. The fair value of the old automobile was $3,400. Required: For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2018, 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 and round your final onswers to 2 decimal places.) PELL CORPORATION Depreciation Expense For the Year Ended December 31. 2018 Land l Prey of 2 Next >