The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2010 Land - Plant Asset 350000 - Accumulated depreciation $ --- Land improvments - Plant Assets 180000 Accumulated depreciiation 45000 Building - Plant Assets 1500000 Accumulated Depreciation 350000 Machinery and equiptment - Plant Assets 1158000 -Accumulated Depreciation - 405000 Automobiles -Plant Assets 150000 - Accumulated depreciation -112000 Transactions during 2011 were as follows: a.On January 2, 2011, machinery and equipment were purchased at a total invoice cost of $260,000, which included a $5,500 charge for freight. Installation costs of $27,000 were incurred. b.On March 31, 2011, a machine purchased for $58,000 in 2007 was sold for $36,500. Depreciation recorded through the date of sale totaled $24,650. c.On May 1, 2011, expenditures of $50,000 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, 2011, 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 $38 per share. Pell paid legal fees and title insurance totaling $23,000. Shortly after acquisition, the building was razed at a cost of $35,000 in anticipation of new building construction in 2012. e.On December 31, 2011, Pell purchased a new automobile for $15,250 cash and trade-in of an old automobile purchased for $18,000 in 2007. Depreciation on the old automobile recorded through December 31, 2011, totaled $13,500. The fair value of the old automobile was $3,750. Required: 1) Prepare a schedule analyzing the changes in each of the plant assets during 2011, with detailed supporting computations. 2) Prepare a schedule showing the gain or loss from each asset disposal that would be recognized in Pell%u2019s income statement for the year ended December 31, 2011