The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017:

	Plant Asset			Accumulated Depreciation
Land	$	400,000		$
Land improvements		205,000			50,000
Building		1,750,000			355,000
Machinery and equipment		1,168,000			410,000
Automobiles		175,000			117,000

Transactions during 2018 were as follows:

1. On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $285,000, which included a $6,000 charge for freight. Installation costs of $32,000 were incurred.
2. On March 31, 2018, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $24,000. The fair value of the building on the day of the donation was $17,000.
3. On May 1, 2018, expenditures of $55,000 were made to repave parking lots at Pells plant location. The work was necessitated by damage caused by severe winter weather.
4. On November 1, 2018, 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 $28,000. Shortly after acquisition, the building was razed at a cost of $40,000 in anticipation of new building construction in 2019.
5. On December 31, 2018, Pell purchased a small storage building by giving $15,750 cash and an old automobile purchased for $20,500 in 2014. Depreciation on the old automobile recorded through December 31, 2018, totaled $14,000. The fair value of the old automobile was $4,250.

Expenditure for 2018	Balance 12/31/2017	Increase	Decrease	Balance 12/31/2018
Land	400,000
Land Improvements	205,000
Building	1,750,000
Machinery and Equipment	1,168,000
Automobiles	175,000
Totals	3,698,000