The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December $31,2020$:

Plant Asset Accumulated Depreciation

Land $350,000-$

Land Improvements $180,00045,000$

Building $1,500,000350,000$

Equipment $1,158,000405,000$

Automobiles $150,000112,000$

Transactions during $2021$ were as follows:

a$.$ On January $2,2021,$ 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 $31,2021,$ a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $$25,000.$ The fair value of the building on the day of the donation was $$17,000.$

c$.$ On May $1,2021,$ 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. 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 $$38$ per share. Pell paid legal fees and title insurance totaling $$23,000.$ Shortly after acquisition, the building was razed at a cost of $$35,000$ in anticipation of new building construction in $2022.$

e$.$ On December $31,2021,$ Pell purchased a small storage building by giving $$15,250$ cash and an old automobile purchased for $$18,000$ in $2014.$ Depreciation on the old automobile recorded through December $31,2021,$ totaled $$13,500.$ The fair value of the old automobile was $$3,750.$

For each asset classification, the company is using the following depreciation methods and useful lives:

Land improvements$$Straight line; $15$ years.

Building$150\%$ declining balance; $20$ years.

Equipment$$Straight line; $10$ years.

Automobiles$$Units$-$of$-$production; $$0\mathrm{.}50$ per mile

Depreciation is computed to the nearest month and no residual values are used. Automobiles were driven $38,000$ miles in $2021.$

Required

$1.$ Prepare a schedule analyzing the changes in each of the plant assets during $2021$