Selected accounts included in the property, plant, and equipment section of Lobo Corporations balance sheet at December 31, 2013, had the following balances.

Selected accounts included in the property, plant, and equipment section of Lobo Corporation's balance sheet at December 31, 2013, had the following balances. Land Land improvements Buildings Equipment 254,660 2,000,900 1,746,240 During 2014, the following transactions occurred. 1. A tract of land was acquired for $272,850 as a potential future building site. 2. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 36,380 shares of Lobo's common stock. On the acquisition date, Lobo'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 $200,090 for land and $582,080 for the building at the exchange date. Current appraised values for the land and building, respectively, are $418,370 and $1,255,110. 3. Items of machinery and equipment were purchased at a total cost of $727,600. Additional costs were incurred as follows. Freight and unloading Sales taxes Installation $23,647 36,380 47,294 4. Expenditures totaling $172,805 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 $145,520 on January 1, 2006, was scrapped on June 30, 2014. Double-declining-balance depreciation has been recorded on the basis of a 10-year life. 6. A machine was sold for $36,380 on July 1, 2014. Original cost of the machine was $80,036 on January 1, 2011, and it was depreciated on the straight-line basis over an stimated useful life of 7 years and a salvage value of $3,638