You are engaged in the audit of the financial statements of Holman Corporation for the year ended December 31, 20X6. The accompanying analyses of the Property, Plant, and Equipment and related accumulated depreciation accounts have been prepared by the chief accountant of the client. You have traced the beginning balances to your prior year's audit working papers. HOLMAN CORPORATION Analysis of Property, Plant, and Equipment and Related Accumulated Depreciation Accounts Year Ended December 31, 20X6 Per Ledger Final 12/31/X5 Assets Description Land Buildings Machinery and equipment Additions Retirements 12/31/X6 $ 448,000 137,000 402,000 6,700 26,000 43,800 $ 33,000 $454,700 163,000 412,800 $ 987,000 76,500 $ 33,000 $1,030,500 Per Led Accumulated Depreciation 12/31/X5 Additions*Retirements 12/31/X6 Final Description Buildings Machinery and equipment $ 68,500 180,900 6,000 42,520 $ 74,500 223,420 $ 249,400 $48,520 $ 297,920 Depreciation expense for the year All plant assets are depreciated on the straight-line basis (no residual value taken into consideration) based on the following estimated service lives: building, 25 years; and all other items, 10 years. The company's policy is to take one half-year's depreciation on all asset additions and disposals during the year Your audit revealed the following information