Clark Equipment Company was originally formed in 1902 as a general manufacturing company. During its history it has specialized in the manufacture of drills, gears, towing tractors, and truck transmissions. Today the company operates throughout the United States and Europe in the design, manufacture, and sale of skid steer loaders, construction machinery, and transmissions for on-highway trucks and for off-highway equipment. It also is involved in a \(50-50\) joint venture with Volvo in the manufacture of construction equipment.

The following information relates to the plant assets of Clark Equipment Company:

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($ in millions) 1994 1993 Land $ 13.2 $ 7.4 Land improvements 8.8 5.9 Buildings 126.0 77.3 Machinery and equipment 451.7 398.4 Totals 599.7 489.0 Accumulated depreciation 315.9 272.8 Total plant assets $283.8 $216.2