Accounting 3110 Case Study #2 . Chapter 10 Problem THE WILDCAT COMPANY The plant asset and accumulated depreciation accounts of the Wildcat Company had the following 5 balances at December 31, 2016: Plant Assets 8 Land 530,000 Land improvements Building Machinery and equipment 270,000 63,000 1.194,000 423,000 12 Automobiles 130,000 Transactions during 2017 were as followed: A. On January 2, 2017, machinery and equipment were purchased at a total invoice cost of $350,000. which included a $7.300 charge for freight. Installation costs of $45.000 were incurred. B. On March 31, 2017, a machine purchased for $76,000 in 2013 was sold for $54,500 Depreciation recorded through the date of sale totaled $27,350. C. On May 1, 2017, expenditures of $68,000 were made to repave parking lots at Willdcat's plant location. The work was necessitated by damage caused by severe winter weather D. On November 1., 2017, Wildcat Company acquired a tract of land with an existing building in exchange for 10,000 shares of Wildcat Company's common stock that had a market price of $40 per share. Wildcat Company paid legal fees and title insurance totaling $41,000. Shortly after acquisition, the building was razed at a cost of $53,000 in anticipation of new building construction in 2018. On December 31, 2017, Wildcat Company purchased a new automobile for $17,050 cash and trade-in of an old automobile purchased for $27,000 in 2013. Depreciation on the old automobile recorded through December 31, 2017, totaled $15,300. The fair value of the old automobile was 5,550 E. 21 Requirement 1: Prepare a schedule analyzing the changes in each of the plant assets during 2017.This schedule analyzes the costs recorded to each asset account and does NOT take into account accumulated