The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015 Land 5 360,000 185,000 1,550,000 46,000 Building Machinery and 351,000 1,160,000406,000 113,000 equipment 155,000 Transactions during 2016 were as follows: a. On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $265,000, which b. On March 31, 2016, a machine purchased for $59,000 in 2012 was sold for $37,500. Depreciation c. On May 1, 2016, expenditures of $51,000 were made to repave parking lots at Pell's plant location. The d. On November 1, 2016, Pell acquired a tract of land with an existing building in exchange for 10,000 included a $5,600 charge for freight Installation costs of $28,000 were incured recorded through the date of sale totaled $24,800 work was necessitated by damage caused by severe winter weather shares of Pes common stock that had a market price of $35 per share. Pll paid legal fees and title insurance totaling $24,000. Shortly after acquisition, the building was razed at a cost of $36,000 in anticipation of new building construction in 2017 e. On December 31, 2016, Pell purchased a new automobile for $15,350 cash and trade-in of an old automobile purchased for $18,500 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $13,600. The fair value of the old automobile was $3,850. Required: 1. Prepare a schedule analyzing the changes in each of the plant assets during 2016 PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2016 Balance Balance 12/31/15 Increase Decrease 12/31/16 $ 360,000 185,000 1,550,000 1,160,000 155,000 S 3,410,000 Land Land improvements Building Machinery and equipment Automobiles Totals