Selected accounts included in the property, plant, and equipment section of Sheridan Corporation's balance sheet at December 31 , 2019 , had the following balances. During 2020, the following transactions occurred. 1. A tract of land was acquired for $204,000 as a potential future building site. 2. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 27,200 shares of Sheridan's common stock. On the acquisition date, Sheridan'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 $149,600 for land and $435,200 for the building at the exchange date. Current appraised values for the land and building, respectively, are $312,800 and $938,400. 3. Items of machinery and equipment were purchased at a total cost of $544,000. Additional costs were incurred as follows