The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023 Land Land improvements Plant Asset $520,000 265,000 2,350,000 1,192,000 Accumulated Depreciation 5- 62,000 Building 367,000 Equipment Automobiles 235,000 422,000 129,000 Transactions during 2024 were as follows: a On January 2, 2024, equipment was purchased at a total invoice cost of $345,000, which included a $7.200 charge for freight Installation costs of $44,000 were incurred in addition to the invoice cost. b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $36,000. The fair value of the building on the day of the donation was $23,000 c On May 1, 2024, expenditures of $67.000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d On November 1, 2024, 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 $39 per share. Pell paid legal fees and title insurance totaling $40,000. Shortly after acquisition, the building was razed at a cost of $52,000 in anticipation of new building construction in 2025. e On December 31, 2024, Pell purchased a small storage building by giving $18.650 cash and an old automobile purchased for $26.500 in 2017 Depreciation on the old automobile recorded through December 31, 2024, totaled $15.200. The fair value of the old automobile was $5.450 Required: Required: Prepare a schedule analyzing the changes in each of the plant assets during 2024. PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2024 Balance 12/31/2023 Increase Decrease Balance 12/31/2024 Land $ 520,000 $ 482,000 $ 1,002,000 Land improvements 265,000 265,000 2,350,000 Building Equipment 1,192,000 389,000 1,581,000 Automobiles 235,000 Totals $ 4,562,000 $ 871,000 $ 0 $ 2.848,000