Cullumber Machining purchased the assets of an existing business on June 30, 2020. It immediately started operations and has a calendar year end. The trial balance of Cullumber Machining at December 31, 2021 shows the following Land Building Accumulated depreciation - building Equipment Accumulated depreciation - equipment Land improvements Accumulated depreciation - land improvements $42,000 238,000 25,200 136,000 46,750 22.000 4.703 The accounting policies chosen for the property, plant, and equipment assets and the relevant information concerning the calculation of depreciation follows. Building Equipment Land improvements Residual value - Building Residual value - Equipment Residual value - Land Improvements Useful life - Building Useful life - Equipment Useful life - Land Improvements Straight-line Diminishing balance - 25% Diminishing balance - 15% rate $70,000 10% of cost 0 10 Years 8 Years 5 Years Events and transactions for 2022 follow. On January 4, 2022. Cullumber replaced a motors on one of the larger pieces of equipment at a cost of $18,000. The cost of the old motor removed could not be determined. The replacement motor will operate using half of the electricity that was consumed by the old motor. The useful life and the residual value of all of the equipment did not change as a result of this addition On May 1 2022. after unusual spring flooding Cullumber had to replace the parking lot which was the only item in the land improvements account. The cost to replace was $34,000. The new parking lot is expected to have a useful life of 10 years with no residual value. List of Accounts Attempts: 1 of 3 used (b) Your answer is partially correct. Calculate the depreciation expense for Cullumber Machining on December 31, 2022. (Assume that the diminishing balance rates will remain the same) (Round answers to decimal places, eg. 5,275.) Depreciation expense Building $ 16800 Equipment $ 34000 Land Improvements $ 8800 e Textbook and Media List of Accounts Save for Later Attempts: 2 of 3 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above