please provide correct answer with all working for each and every parts please answer in text The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023:Plant Asset Accumulated Depreciation$360,000183,0001,520,0001,178,000152,000LandLand improvementsBuildingEquipmentAutomobiles$047,000407, 217415,000113,000Transactions during 2024 were as follows:a. On January 2, 2024, equipment were purchased at a total invoice cost of $270,000, which included a $5,700 charge for freight.Installation costs of $29,000 were incurred in addition to the invoice cost.b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchasedit three years ago for $27,000. The fair value of the building on the day of the donation was $18,000.c. On May 1, 2024, expenditures of $52,000 were made to repave parking lots at Pell's plant location. The work was necessitatedby damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated.d. On November 1, 2024, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's commonstock that had a market price of $40 per share. Pell paid legal fees and title insurance totaling $24,000. Shortly after acquisition,the building was razed at a cost of $37,000 in anticipation of new building construction in 2025.e. On December 31, 2024, Pell purchased a small storage building by giving $15,750 cash and an old automobile purchased for$19,000 in 2017. Depreciation on the old automobile recorded through December 31, 2024, totaled $14,250. The fair value of theold automobile was $3,850.Required:For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2024, using the followingdepreciation methods and useful lives: Land improvements-Straight line; 15 years.Building-150% declining balance; 20 years.Equipment Straight line; 10 years.Automobiles-Units-of-production; $0.50 per mileDepreciation is computed to the nearest month and no residual values are used. Automobiles were driven 39,000 miles in 2024.Note: Do not round intermediate calculations and round your final answers to 2 decimal places.PELL CORPORATIONDepreciationFor the Year Ended December 31, 2024Land ImprovementsBuildingEquipmentAutomobilesTotal depreciation for 2024$0.00

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Description: please provide correct answer with all working for each and every parts please answer in text The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023:Plant Asset Accumulated Deprecia

Depreciation is an important accounting technique that distributes an asset's cost over its useful…

Answered: Required: For each asset…

Business

Accounting

Required: For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2024, using the following depreciation methods and useful lives:

Intermediate Accounting: Reporting And Analysis

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ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

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Problem 6RE: Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings,...

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The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023: Plant Asset Accumulated Depreciation $ 480,000 245,000 2,150,000 1,184,000 215,000 Land Land improvements Building Equipment Automobiles Transactions during 2024 were as follows: a. On January 2, 2024, equipment was purchased at a total invoice cost of $325,000, which included a $6,800 charge for freight Installation costs of $40,000 were incurred in addition to the invoice cost. b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $32,000. The fair value of the building on the day of the donation was $21,000. c. On May 1, 2024, expenditures of $63,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023: Plant Asset Accumulated Depreciation $ 335,000 175,500 1,470,000 1,128,000 147,000 Land Land improvements Building Equipment Automobiles Transactions during 2024 were as follows: a. On January 2, 2024, equipment were purchased at a total invoice cost of $245,000, which included a $5,200 charge for freight. Installation costs of $24,000 were incurred in addition to the invoice cost. b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $22,000. The fair value of the building on the day of the donation was $15,400. c. On May 1, 2024, expenditures of $47,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…
he plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Plant Asset Accumulated Depreciation Land $510,000 - Land Improvements 260,000 61,000 Building 2,300,000 366,000 Equipment 1,190,000 421,000 Automobiles 230,000 128,000 Transactions during 2021 were as follows: On January 2, 2021, equipment were purchased at a total invoice cost of $340,000, which included a $7,100 charge for freight. Installation costs of $43,000 were incurred. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $35,000. The fair value of the building on the day of the donation was $22,500. On May 1, 2021, expenditures of $66,000 were made to repave parking lots at Pell’s plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn’t provide future benefits beyond those originally…
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The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Depreciation $ Land Land improvements Building Equipment Automobiles Plant Asset $ 380,000 195,000 1,650,000 1,164,000 165,000 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $275,000, which included a $5,800 charge for freight. Installation costs of $30,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $22,000. The fair value of the building on the day of the donation was $16.000. c. On May 1, 2021, expenditures of $53,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On November 1, 2021, Pell acquired a…