Prepare a schedule showing the gain or loss from each asset disposal that would be recognized in Pells income statement for the year ended December 31, 2016

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015: Accumulated Depreciation Land Land improvements Building Machinery and equipment Automobiles Plant Asset $ 440,000 225,000 1,950,000 1,176,000 195,000 54,000 359,000 414,000 121,000 Transactions during 2016 were as follows: a. On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $305,000, which included a $6,400 charge for freight. Installation costs of $36,000 were incurred. b. On March 31, 2016, a machine purchased for $67,000 in 2012 was sold for $45,500. Depreciation recorded through the date of sale totaled $26,000. c. On May 1, 2016, expenditures of $59,000 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 $37 per share. Pell paid legal fees and title insurance totaling $32,000. Shortly after acquisition, the building was razed at a cost of $44,000 in anticipation of new building construction in 2017. e. On December 31, 2016, Pell purchased a new automobile for $16,150 cash and trade-in of an old automobile purchased for $22,500 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $14,400. The fair value of the old automobile was $4,650