Return to question The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017: Accumulated Depreciation points Land Land improvements Building Machinery and equipment Automobiles Plant Asset $ 500,000 255,000 2,250,000 1,188,000 225,000 60,000 365,000 420,000 127,000 Transactions during 2018 were as follows: a. On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $335,000, which included a $7,000 charge for freight. Installation costs of $42,000 were incurred. b. On March 31, 2018, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $34,000. The fair value of the building on the day of the donation was $22,000. c. On May 1, 2018, expenditures of $65,000 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, 2018, 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 $38,000. Shortly after acquisition, the building was razed at a cost of $50,000 in anticipation of new building construction in 2019. e. On December 31, 2018, Pell purchased a small storage building by giving $16,750 cash and an old automobile purchased for $25,500 in 2014. Depreciation on the old automobile recorded through December 31, 2018, totaled $15,000. The fair value of the old automobile was $5,250. Required: Prepare a schedule analyzing the changes in each of the plant assets during 2018 X Answer is not complete. PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2018 Balance 12/31/2017 Increase Decrease $ 500,000 $ 458,000 255,000 2,250,000 22,000 34,000 X Land Land improvements Building Balance 12/31/2018 $ 958,000 255,000 2,272,000 X 377,000 Machinery and equipment Automobiles Totals 1,188,000 225,000 $ 4,418,000 25,500 59,500 1,565,000 199,500 $ 5,249,500 $ 857,000 $