value 10.00 points The plant asset and accumulated depreciation accounts of Pel Corporation had the following balances at December 31, 2015 Plant Asset $330,000 $ Land 174,000 41,000 Building ,460.000330,000 Machinery and equipment 1,118,000 385,000 110,000 Automobiles 146,000 Transactions during 2016 were as follows: a. On January 2, 2016, machi nery 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. b. 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 c. On May 1, 2016, expenditures of $46,000 were made to repave parking lots at Pel'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 Pelrs 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 building construction in 2017 e. 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 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $12,000. The fair value of the old automobile was $3,550. 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% decining balance; 3 years. Depreciation is computed to the nearest month and no residual values are used. (Do not round intermediate calculations.)