The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Land Land improvements Building Equipment Automobiles Plant Asset $ 395,000 193,500 1,590,000 1,248,000 Depreciation $ 54,000 395,000 450,000 159,000 116,500 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $305,000, which included a $6,400 charge for freight. Installation costs of $36,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $34,000. The fair value of the building on the day of the donation was $21,400. c. On May 1, 2021, expenditures of $59,000 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, 2021, 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 $47 per share. Pell paid legal fees and title insurance totaling $27,500. Shortly after acquisition, the building was razed at a cost of $44,000 in anticipation of new building construction in 2022. e. On December 31, 2021, Pell purchased a small storage building by giving $17,500 cash and an old automobile purchased for $22,500 in 2014. Depreciation on the old automobile recorded through December 31, 2021, totaled $16,875. The fair value of the old automobile was $4,200.