On December 31, 2010, Praxar Companys plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Plant Asset Accumulated Depreciation and Amortization Land $ 175,000 $ 0 Buildings 1,500,000 328,900 Machinery and equipment 1,125,000 317,500 Automobiles and trucks 172,000 100,325 Leasehold improvements 216,000 108,000 Land improvements 0 0 Depreciation and useful lives: Buildings150% declining balance; 25 years. Machinery and equipmentStraight line; 10 years. Automobiles and trucks150% declining balance; 5 years, all acquired after 2007. Leasehold improvementsStraight line. Land improvementsStraight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2011 and other information. a. On January 6, 2011, a plant facility consisting of land and building was acquired from Goode Corp. in exchange for 25,000 shares of common stock. On this date, Praxars stock had a fair value of $50 a share. Current assessed values of land and building for property tax purposes are $187,500 and $562,500, respectively. b. On March 25, 2011, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $192,000. These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31, 2007, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2013, was renewable for an additional four-year term. On April 29, 2011. Praxar exercised the renewal option. d. On July 1, 2011, machinery and equipment were purchased at a total invoice cost of $325,000. Additional costs of $10,000 for delivery and $50,000 for installation were incurred. e. On August 30, 2011, Praxar purchased a new automobile for $12,500. f. On September 30, 2011, a truck with a cost of $24,000 and a carrying amount of $9,100 on date of sale was sold for $11,500. Depreciation for the nine months ended September 30, 2011, was $2,650. g. On December 20, 2011, a machine with a cost of $17,000 and a book value of $2,975 at date of disposition was scrapped without cash recovery. Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2011. This schedule should include columns for beginning balance, increase, decrease, and ending balance for each of the plants asset accounts. Do not analyze changes in accumulated depreciation and amortization. 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2011. Round computations to the nearest whole dollar

The subject is Accounting 245