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Calculator eBook Comprehensive Pell Corporation's property, plant, and equipment and accumulated depreciation accounts had the following balances at December 31, 2015: Property, Plant, and Accumulated

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Calculator eBook Comprehensive Pell Corporation's property, plant, and equipment and accumulated depreciation accounts had the following balances at December 31, 2015: Property, Plant, and Accumulated Equipment Depreciation Land Land Improvements Building Machinery and Equipment Automobiles $350,000 180,00045,000 ,500,000350,000 1,158,000 405,000 150,000112,000 Depreciation method 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. Depreciation is computed to the nearest month. No salvage values are recognized Transactions during 2016 1. on January 2, 2016, machinery and equipment were purchased at a total invoice cost of $260,000, which induded a $5,s0o charge for freight. Instalilation costs of $27,000 were incurred 2. On March 31, 2016, a machine purchased for $58,000 on January 3, 2012, was sold for $36,500. 3. On May 1, 2016, expenditures of $50,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather 4. On November 2, 2016, pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's S20 par e mon tack whch had a market ma iss share on this date. Pell paid legal fees and title insurance totaling $23,000. The last property tax bill indicated assessed values of $2-40,000 for land and $60,000 for building Shortly after acquisition, the building was razed at a cost of $35,000 in anticipation of new building construction in 2017 S. On December 31, 2016, Pell purchased a new automoble for $15,250 cash and trade-in of an automobile purchased for $18,000 on January 1, 2015. The new automobile has cash value of $19,000

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