The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015: Plant Asset Accumulated Depreciation Land $ 380,000 $ 0 Land improvements 189,000 51,000 Building 1,560,000 380,000 Machinery and equipment 1,218,000 435,000 Automobiles 156,000 115,000 Transactions during 2016 were as follows: a. On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $290,000, which included a $6,100 charge for freight. Installation costs of $33,000 were incurred. b. On March 31, 2016, a machine purchased for $64,000 in 2012 was sold for $39,500. Depreciation recorded through the date of sale totaled $27,200. c. On May 1, 2016, expenditures of $56,000 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 $44 per share. Pell paid legal fees and title insurance totaling $26,000. Shortly after acquisition, the building was razed at a cost of $41,000 in anticipation of new building construction in 2017. e. On December 31, 2016, Pell purchased a new automobile for $16,750 cash and trade-in of an old automobile purchased for $21,000 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $15,750. The fair value of the old automobile was $4,050. 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 improvementsStraight line; 15 years. Building150% declining balance; 20 years. Machinery and equipmentStraight line; 10 years. Automobiles150% declining balance; 3 years. Depreciation is computed to the nearest month and no residual values are used. (Do not round intermediate calculations.)