On January 1, Lewis Company purchased land it will use as a landfill for the next 12 years. The cost of the land was $525,000. At the end of 12 years, Lewis Company will be required to spend $250,000 to landscape and reforest the landfill site. The appropriate discount rate is 9%. Because the useful life of the land is limited in this case, the cost of the land is depreciated. Lewis uses the straight-line method. Compute the amount of depreciation expense and accretion expense in Year 1.