the plant asset and accumulated depreciation accounts of pell corporation

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Plant Asset Depreciation Land $ 430,000 220,0ee 1,900,000 1,174,000 Land improvements Building Equipment Automobiles 53,000 358,000 413,000 120,000 190,000 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $300,000, which included a $6,300 charge for freight. Installation costs of $35,000 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 $27,000. The fair value of the building on the day of the donation was $18,500. c. On May 1, 2021, expenditures of $58,000 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 $36 per share. Pell paid legal fees and title insurance totaling $31,000. Shortly after acquisition, the bullding was razed at a cost of $43,000 in anticipation of new building construction in 2022. e. On December 31, 2021, Pell purchased a small storage building by giving $16,050 cash and an old automobile purchased for $22,000 in 2014. Depreciation on the old automobile recorded through December 31, 2021, totaled $14,300. The fair value of the old automobile was $4,550. Required: Prepare a schedule analyzing the changes in each of the plant assets during 2021. PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2021 Balance Balance 12/31/2021 Decrease 12/31/2020 Increase Land 430,000 Land improvements 220,000 Building 1,900,000 335,000 Equipment 1,174,000 190,000 Automobiles 335,000 $ 3,914,000 S %24 Totals