The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017: Land Land improvements Building Machinery and equipment Automobiles Plant Asset $ 335,000 175,500 1,470,000 1,128,000 147,000 Accumulated Depreciation $ 42,000 335,000 390,000 110,500 Transactions during 2018 were as follows: a. On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $245,000, which included a $5,200 charge for freight. Installation costs of $24,000 were incurred. b. On March 31, 2018, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $22,000. The fair value of the building on the day of the donation was $15,400. c. On May 1, 2018, expenditures of $47,000 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, 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 $35 per share. Pell paid legal fees and title insurance totaling $21,500. Shortly after acquisition, the building was razed at a cost of $32,000 in anticipation of new building construction in 2019. e. On December 31, 2018, Pell purchased a small storage building by giving $14,500 cash and an old automobile purchased for $16,500 on January 1, 2017. Depreciation on the old automobile recorded through December 31, 2018, totaled $12,375. The fair value of the old automobile was $3,600. 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 improvementsStraight line; 15 years. Building150% declining balance; 20 years. Machinery and equipmentStraight 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 answers to 2 decimal places.) PELL CORPORATION Depreciation Expense For the Year Ended December 31, 2018 Land Improvements Building Machinery and equipment Automobiles Total depreciation expense for 2018 $ 0.00