e plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017 Accunulated Plant Asset Depreciation Land Land improvements Building Machinery and equipment Automobiles 350,088 180,808 1,580,888 1,158,e08 158,eee 45,888 358,8 485,8ee 112,900 Transactions during 2018 were as follows January 2, 2018, machinery and equipment were purchased at a total invoice cost of $260,000, which included a $5,500 charge for freight. Installation costs of $27,000 were incurred. three years ago for $25.000. The fair value of the building on the day of the donation was $t damage caused by severe winter weather ding was donated to the company. The person donating the building originally purchased it b. On March 31, 2018, a small storage buil c. On May 1, 2018, expenditures of $50,000 were made to repave parking lots at Pell's plant location. The d. On Novembe 7.000 er 1, 2018, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common s f $38 per share. Pell paid legal fees and title insurance totaling $23,000. Shortly after acquisition, the building was razed at a cost of $35,000 in anticipation of new building construction in 2019 Check my work e. On December 31, 2018, Pell purchased a small storage building by giving $15,250 cash and an old automobile purchased for $18,000 in 2014. Depreciation on the old automobile recorded through December 31, 2018, totaled $13,500. The fair value of the old automobile was $3,750 Required: Prepare a schedule analyzing the changes in each of the plant assets during 2018 PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2018 Balance Balance 12/31/2017 Increase Decrease 1231/2018 Land Land improvements Building 5 350,000 180,000 1,500,000 Machinery and equipmen Automobiies 1,158,000 150,000 3.338.000 Totals