On January 1, 2023, Creative Calligraphy Inc. purchased land, building, equipment, and tools for a total of $2,720,000. An appraisal identified the fair values to be $616,000 (land), $1,232,000 (building), $286,000 (equipment), and $66,000 (tools). The estimated useful life and residual value of the building was 10 years and $710,000, for the equipment, five years and $44,000, and for the tools, three years and $7,200 Required: Calculate depreciation for 2023 and 2024 using the double-declining-balance method. Creative Calligraphy's year-end is December 31. (Do not round intermediate calculations and round your final answers to nearest whole dollar) PPE Asset 2023 Depreciation 2024 Depreciation Land Building Equipment Tools

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