e plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017: Accumulated Plant Asset Depreciation Land Land improvements Building Machinery and equipment Automobiles 420,00 215,866 1,850,9060 1,172,880 185,000 52,900 357,800 412,800 119,900 Transactions during 2018 were as follows a. On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $295,000, which included a $6,200 b. On March 31, 2018, a small storage building was donated to the company. The person donating the building originally purchased it C. On May 1, 2018, expenditures of $57,000 were made to repave parking lots at Pei's plant location. The work was necessitated by d. On November 1, 2018, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock charge for freight. Installation costs of $34,000 were incurred three years ago for $26,000. The fair value of the building on the day of the donation was $18,000 damage caused by severe winter weather that had a market price of $35 per share. Pell paid legal fees and title insurance totaling $30,000. Shortly after acquisition, the building was razed at a cost of $42,000 in anticipation of new building construction in 2019 e. On December 31, 2018, Pell purchased a small storage building by giving $15,950 cash and an old automobile purchased for $21,500 in 2014. Depreciation on the old automobile recorded through December 31. 2018, totaled $14,200. The fair value of the old automobile was $4,450