The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015: Accumulated Depreciation Plant Asset $ 300,000 165,000 1,400,000 1,058,000 140,000 Land Land improvements Building Machinery and equipment Automobiles 35,000 300,000 355,000 107,000 Transactions during 2016 were as follows: a. On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $210,000, which included a $4,500 charge for freight. Installation costs of $17,000 were incurred. b. On March 31, 2016, a machine purchased for $48,000 in 2012 was sold for $31,500. Depreciation recorded through the date of sale totaled $20,400. c. On May 1, 2016, expenditures of $40,000 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 $28 per share. Pell paid legal fees and title insurance totaling $18,000. Shortly after acquisition, the building was razed at a cost of $25,000 in anticipation of new building construction in 2017. e. On December 31, 2016, Pell purchased a new automobile for $12,750 cash and trade-in of an old automobile purchased for $13,000 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $9,750. The fair value of the old automobile was $3,250. Required: For each asset classification, prepare a sched ule 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.) PELL CORPORATION Depreciation Expense For the Year Ended December 31, 2016 Land Improvements Building Machinery and equipment Automobiles Total depreciation expense for 2016