Comprehensive At December 31, 2015, certain accounts included in the property, plant, and equipment section of Townsand Company's balance sheet had the following balances Land Buildings Leasehold improvements Machinery and equipme $100,000 800,000 500,000 700,000 nt During 2016, the following transactions occurred: 1. Land site number 621 was acquired for $1,000,000. Additionally, to acquire the land, Townsand paid a $60,000 commission to a real estate agent. Costs of $15,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $5,000 2. A second tract of land (site number 622) with a building was acquired for $300,000. The closing statement indicated that the land value was $200,000 and the building value was $100,000. Shortly after acquisition, the building was demolished at a cost of $30,000. A new building was constructed for $150,000 plus the following costs: Excavation fees $11,000 8,000 1,000 Architectural design fees Building permit fee The building was completed and occupied on September 29, 2016 3. A third tract of land (site number 623) was acquired for $600,000 and was put on the market for resale 4. Extensive work was done to a building occupied by Townsand under a lease agreement that expires on December 31, 2025. The total cost of the work was $125,000, which consisted of the following: Painting of ceilings Electrical work Construction of extension to current working area 80,000 (estimated useful life is 30 years) $10,000 (estimated useful life is 1 year) 35,000 (estimated useful life is 10 years) $125,000 The lessor, Steinbeck Company, paid one-half of the costs incurred in connection with the extension to the current working area 5. During December 2016, costs of $65,000 were incurred to improve leased office space. The related lease will terminate on December 31, 2018, and is not expected to be renewed. 6. A group of new machines was purchased under a royalty agreement that provides for payment of royalties based on units of production for the machines. The invoice price of the machines was $75,000, freight costs were $2,000, unloading charges were $1,500 and royalty payments for 2016 were $13,000 Required: Prepare a detailed analysis of the changes in the balance sheet accounts-Land, Buildings, Leasehold Improvements, and Machinery and Equipment-for 2016. Disregard the related accumulated depreciation accounts If a cost should not be allocated to one of the four balance sheet accounts listed, then select the "Other" column