The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015:

Plant Asset Accumulated Depreciation Land $ 390,000 $ Land improvements 200,000 49,000 Building 1,700,000 354,000 Machinery and equipment 1,166,000 409,000 Automobiles 170,000 116,000 Transactions during 2016 were as follows:

a. On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $280,000, which included a $5,900 charge for freight. Installation costs of $31,000 were incurred.

b. On March 31, 2016, a machine purchased for $62,000 in 2012 was sold for $40,500. Depreciation recorded through the date of sale totaled $25,250.

c. On May 1, 2016, expenditures of $54,000 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, 2016, 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 $27,000. Shortly after acquisition, the building was razed at a cost of $39,000 in anticipation of new building construction in 2017.

e. On December 31, 2016, Pell purchased a new automobile for $15,650 cash and trade-in of an old automobile purchased for $20,000 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $13,900. The fair value of the old automobile was $4,150. Required:

1. Prepare a schedule analyzing the changes in each of the plant assets during 2016.

2. Prepare a schedule showing the gain or loss from each asset disposal that would be recognized in Pell's income statement for the year ended December 31, 2016.