Engineering homework help

The plant asset and accumulated depreciation accounts of Jackson Corporation had the following balances at December 31, 2015: Plant Asset Accumulated DepreciationLand $ 375,000 $ 0   Land improvements 187,500  50,000   Building 1,550,000  375,000   Machinery and equipment 1,208,000  430,000   Automobiles 155,000  114,500  Transactions during 2016 were as follows:a. On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $285,000, which included a $6,000 charge for freight. Installation costs of $32,000 were incurred.b. On March 31, 2016, a machine purchased for $63,000 in 2012 was sold for $39,000. Depreciation recorded through the date of sale totaled $26,775.c. On May 1, 2016, expenditures of $55,000 were made to repave parking lots at Jackson’s plant location. The work was necessitated by damage caused by severe winter weather.d. On November 1, 2016, Jackson acquired a tract of land with an existing building in exchange for 10,000 shares of Jackson’s common stock that had a market price of $43 per share. Jackson paid legal fees and title insurance totaling $25,500. Shortly after acquisition, the building was razed at a cost of $40,000 in anticipation of new building construction in 2017.e. On December 31, 2016, Jackson purchased a new automobile for $16,500 cash and trade-in of an old automobile purchased for $20,500 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $15,375. The fair value of the old automobile was $4,000.Required: For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2016, using the following depreciation methods and useful lives:Land improvements—Straight line; 15 years.Building—150% declining balance; 20 years.Machinery and equipment—Straight line; 10 years.Automobiles—150% declining balance; 3 years.Jackson CorporationDepreciation ExpenseFor the year Ended December 31, 2016Land Improvements:Building:Machinery and Equipment:Automobiles:Total depreciation expense for 2016:Jackson CorporationDepreciation ExpenseFor the year Ended December 31, 2016Land Improvements:Building:Machinery and Equipment:Automobiles:Total depreciation expense for 2016: Explanation1…