The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020 Plant Asset Accumulated Depreciation Land $ 400,000 $ 0 Land improvements 195,000 55,000 Building 1,600,000 400,000 Equipment 1,258,000 455,000 Automobiles 160,000 117,000 Transactions during 2021 were as follows On January 2, 2021, equipment were purchased at a total invoice cost of $310,000, which included a $6,500 charge for freight Installation costs of $37,000 were incurred On March 31, 2021, a small storage building was donated to the company The person donating the building originally purchased it three years ago for $35,000 The fair value of the building on the day of the donation was $22,000 On May 1, 2021, expenditures of $60,000 were made to repave parking lots at Pell's plant location The work was necessitated by damage caused by severe winter weather The repair doesn't provide future benefits beyond those originally anticipated On November 1, 2021, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pells common stock that had a market price of $48 per share Pell paid legal fees and title insurance totaling $28,000 Shortly after acquisition, the building was razed at a cost of $45,000 in anticipation of new building construction in 2022 On December 31, 2021, Pell purchased a small storage building by giving $17,750 cash and an old automobile purchased for $23,000 in 2014 Depreciation on the old automobile recorded through December 31, 2021, totaled $17,250 The fair value of the old automobile was $4,250 Required For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2021, using the following depreciation methods and useful lives Land improvementsStraight line 15 years Building150 declining balance 20 years EquipmentStraight line 10 years AutomobilesUnits of production $0 50 per mile Depreciation is computed to the nearest month and no residual values are used Automobiles were driven 43,000 miles in 2021

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The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Plant Asset Accumulated Depreciation Land $ 400,000

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020:

	Plant Asset		Accumulated Depreciation
Land	$	400,000	$	0
Land improvements		195,000		55,000
Building		1,600,000		400,000
Equipment		1,258,000		455,000
Automobiles		160,000		117,000

Transactions during 2021 were as follows:

On January 2, 2021, equipment were purchased at a total invoice cost of $310,000, which included a $6,500 charge for freight. Installation costs of $37,000 were incurred.
On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $35,000. The fair value of the building on the day of the donation was $22,000.
On May 1, 2021, expenditures of $60,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated.
On November 1, 2021, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pells common stock that had a market price of $48 per share. Pell paid legal fees and title insurance totaling $28,000. Shortly after acquisition, the building was razed at a cost of $45,000 in anticipation of new building construction in 2022.
On December 31, 2021, Pell purchased a small storage building by giving $17,750 cash and an old automobile purchased for $23,000 in 2014. Depreciation on the old automobile recorded through December 31, 2021, totaled $17,250. The fair value of the old automobile was $4,250.

Required:

For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2021, using the following depreciation methods and useful lives: Land improvementsStraight line; 15 years. Building150% declining balance; 20 years. EquipmentStraight line; 10 years. AutomobilesUnits-of-production; $0.50 per mile Depreciation is computed to the nearest month and no residual values are used. Automobiles were driven 43,000 miles in 2021.