The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015 Accumulated Plant Asset Depreciation $ 375,000 $ Land Land improvements Building Machinery and equipment 1,208,000 Automobiles 0 50,000 375,000 430,000 114,500 187,500 1,550,000 155,000 Transactions during 2016 were as follows: a. On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $285,000, which included a $6,000 charge for freight. Installation costs of $32,000 were incurred b. On March 31, 2016, a machine purchased for $63,000 in 2012 was sold for $39,000. Depreciation recorded through the date of sale totaled $26,775 C. On May 11 2016, expenditures of $55,000 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 $43 per share. Pell paid legal fees and title insurance totaling $25,500. Shortly after acquisition, the building was razed at a cost of S40,000 in anticipation of new building construction in 2017 e. On December 31, 2016, Pell purchased a new automobile for $16,500 cash and trade-in of an old automobile purchased for $20,500 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $15,375. The fair value of the old automobile was $4,000 Required For each asset classification, prepare a schedule 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