Check my work Check My Work button is now enabledItem 1 Item 1 3 points The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017: Plant Asset Accumulated Depreciation Land $ 350,000 $ 0 Land improvements 180,000 45,000 Building 1,500,000 350,000 Machinery and equipment 1,158,000 405,000 Automobiles 150,000 112,000 Transactions during 2018 were as follows: On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $260,000, which included a $5,500 charge for freight. Installation costs of $27,000 were incurred. On March 31, 2018, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $25,000. The fair value of the building on the day of the donation was $17,000. On May 1, 2018, expenditures of $50,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. On November 1, 2018, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $38 per share. Pell paid legal fees and title insurance totaling $23,000. Shortly after acquisition, the building was razed at a cost of $35,000 in anticipation of new building construction in 2019. On December 31, 2018, Pell purchased a small storage building by giving $15,250 cash and an old automobile purchased for $18,000 on January 1, 2017. Depreciation on the old automobile recorded through December 31, 2018, totaled $13,500. The fair value of the old automobile was $3,750. Required: For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2018, using the following depreciation methods and useful lives: Land improvementsStraight line; 15 years. Building150% declining balance; 20 years. Machinery and equipmentStraight line; 10 years. Automobiles150% declining balance; 3 years.