The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017: Accumulated Depreciation Plant Asset Land S 350,000 180,000 1,500,000 S Land improvements Building 45,000 350,000 and equipment 1, 112,000 Automobiles 150,000 Transactions during 2018 were as follows: a. On January 2, 2018, machinery and 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, 2018, 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, 2018, 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. d. 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 $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 2019. e. On December 31, 2018, 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, 2018, totaled $13,500. The fair value of the old automobile was $3,750. aake Required: Prepare a schedule analyzing the changes in each of the plant assets during 2018. Required: Prepare a schedule analyzing the changes in each of the plant assets during 2018. PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2018 Balance Balance 12/31/2017 Increase 12/31/2018 Decrease $ Land 350,000 Land improvements 180,000 Building 1,500,000 Machinery and equipment 1,158,000 150,000 Automobiles $ $ 3,338,000 0 0 Totals A