The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017: Plant Asset Land Land improvements Building Machinery and equipment Automobiles 420,000 215,000 ,850,000 1,172,000 185,000 52,000 357,000 412,000 119,000 Transactions during 2018 were as follows: a. On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $295,000, which included a $6,200 b. c. On May 1, 2018, 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 charge for freight. Installation costs of $34,000 were incurred. 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 $26,000. The fair value of the building on the day of the donation was $18,000. expenditures of $57,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather that had a market price of $35 per share. Pell paid legal fees and title insurance totaling $30,000. Shortly after acquisition, the building was razed at a cost of $42,000 in anticipation of new building construction in 2019. e. On December 31, 2018, Pell purchased a small storage building by giving $15,950 cash and an old automobile purchased for preciation on the old autmobile recorded through December 31, 2018, totaled $14,200. The fair value of the old automobile was $4,450 Required: Prepare a schedule analyzing the changes in each of the plant assets during 2018