The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at...
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Accounting
| The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: | |||||||||||
| Plant Asset | Accumulated Depreciation | ||||||||||
| Land | 350,000 | - | |||||||||
| Land Improvements | 180,000 | 45,000 | |||||||||
| Building | 1,500,000 | 350,000 | |||||||||
| Equipment | 1,158,000 | 405,000 | |||||||||
| Automobiles | 150,000 | 112,000 | |||||||||
| For each asset classification, the company is using the following depreciation methods and useful lives: | ||||||||||||
| Land improvementsStraight line; 15 years. | ||||||||||||
| Building150% declining balance; 20 years. | ||||||||||||
| EquipmentStraight line; 10 years. | ||||||||||||
| AutomobilesUnits-of-production; $0.50 per mile | ||||||||||||
| Depreciation is computed to the nearest month and no residual values are used. Automobiles were driven 38,000 miles in 2021.
| ||||||||||||
Prepare a schedule showing depreciation for the year ended December 31, 2021
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