Problem 10-2 Selected accounts included in the property, plant, and equipment section of Concord Corporation's balance sheet at December 31, 2016, had the following balances Land $330,000 Land improvements 154,000 1,210,000 Buildings Equipment 1,056,000 During 2017, the following transactions occurred. 1. A tract of land was acquired for $165,000 as a potential future building site. 2. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 22,000 shares of Concord's common stock. On the acquisition date, Concord's stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota's books at $121,000 for land and $352,000 for the building at the exchange date. Current appraised values for the land and building, respectively, are $253,000 and $759,000 3. Items of machinery and equipment were purchased at a total cost of $440,000. Additional costs were incurred as follows Freight and unloading $14,300 Sales taxes 22,000 28,600 Installation 4. Expenditures totaling $104,500 were made for new parking lots, streets, and sidewalks at the corporation's various plant locations. These expenditures had an estimated useful life of 15 years. 5. A machine costing $88,000 on January 1, 2009, was scrapped on June 30, 2017. Double-declining-balance depreciation has been recorded on the basis of a 10-year life 6. A machine was sold for $22,000 on July 1, 2017. Original cost of the machine was $48,400 on January 1, 2014, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,200