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The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015: Amwned Planl met Depnecialim Land $ 430,000 55 Land improvements 220,000 53,000 Building 1,900,000 358,000 Machinery and equipment 1,1?4,000 413,000 Automobiles 100,000 120,000 Transactions during 2016 were as follows: a. On January 2,2016, machinery and equipment were purchased at a total invoice cost of $300,000, which included a $6,300 charge for freight. Installation costs of $35,000 were incurred. b.0n March 31, 2016, a machine purchased for $66,000 in 2012 was sold for $44,500. Depreciation recorded through the date of sale totaled $25,850. c.0n May 1, 2016, expenditures of$58,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. d.On November 1, 2016, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $36 per share. Pell paid legal fees and title insurance totaling $31,000. Shortly after acquisition, the building was razed at a cost of $43,000 in anticipation of new building construction in 201?. e.C-n December 31, 2016, Pell purchased a new automobile for $16,050 cash and tradein of an old automobile purchased for $22,000 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $14,300. The fair value of the old automobile was $4,550. Required: 1. Prepare a schedule analyzing the changes in each ofthe plant assets during 2016. Land $ 430,000 Land imprmements 220,000 Building 1,900,000 r 3,914,000 2. Prepare a schedule showing the gain or loss from each asset disposal that would be recognized in Pell's income statement for the year ended December 31, 2016. Sale of machine on =3r31ne: Trade- In dfautomobile on 121'31I1I6: ==