the plant asset and accumulated

The plant asset and accumulated depreciation accounts of Pel Corporation had the following balances at December 31, 2015: Transactions during 2016 were as follows On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $240,000. which included a $5,100 charge for freight Installation costs of $23,000 were incurred On March 31, 2016, a machine purchased for $54,000 in 2012 was sold for $34,500 Depreciation recorded through the date of sale totaled $22,950. On May 1. 2016. expenditures of $46,000 were made to repave parking lots at Pell's pant location. The work was necessitated by damage caused by severe winter weather, On November 1, 2016, Pell acquired a tract of land with on existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $34 per share. Pell paid legal fees and title insurance totaling $21,000 Shortly after acquisition, the building was razed at a cost of $31,000 in anticipation of new holding construction in 2017. On December 31, 2016. Pell purchased a new automobile for $14,250 cash and trade-in of an old automobile purchased for $16.000 in 201? Depreciation on the old automobile recorded through December 31, 2016. Totaled $12,000 The fair value of the old automobile was $3,550. 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 Iine: 10 years. Automobiles-150% declining balance; 3 years. Depreciation is computed to the nearest month and no residual values are used