Problem 10-2 Selected accounts included in the property, plant, and equipment section of Sandhill Corporation's balance sheet at December 31, 2016, had the following balances Land Land improvements Buildings Equipment $402,000 187,600 1,474,000 1,286,400 During 2017, the following transactions occurred 1. A tract of land was acquired for $201,000 as a potential future building site 2. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 26,800 shares of Sandhill's common stock. On the acquisition date, Sandhill'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 $147,400 for land and $428,800 for the building at the exchange date. Current appraised values for the land and building, respectively, are $308,200 and $924,600 3. Items of machinery and equipment were purchased at a total cost of $536,000. Additional costs were incurred as follows Freight and unloading Sales taxes Installation $17,420 26,800 34,840 4. Expenditures totaling $127,300 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 a 10-year life basis over an estimated useful life of 7 years and a salvage value of $2,680 5. A machine costing $107,200 on January 1, 2009, was scrapped on June 30, 2017. Double-declining-balance depreciation has been recorded on the basis of 6. A machine was sold for $26,800 on July 1, 2017. Original cost of the machine was $58,960 on January 1, 2014, and it was depreciated on the straight-line (a) Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Balance at December 31, 2017 Land Land Improvements Buildings Equipment