The plant asset and accumulated depreciation accounts of Pell Corporation had the following bala nces at December 31, 2017: reciatio $ 420,000 215,000 1,850,000 1,172,000 185,000 Land Land improvements Building Machinery and equipment 52,000 357,000 412,000 119,000 Transactions during 2018 were as follows: a. On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $295,000, which included a $6,200 charge for freight. Installation costs of $34,000 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 $26,000. The fair value of the building on the day of the donation was $18,000 c. On May 1, 2018, expenditures of $57,000 were made to repave parking lots at Pell's plant location. The work was necessitated by 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 e. On December 31, 2018, Pell purchased a small storage building by giving $15,950 cash and an old automobile purchased for damage caused by severe winter weather. that had a market price of $35 per share. Pell paid legal fees and title insurance totaling $30,000. Shortly after acquisition, the building was razed at a cost of $42,000 in anticipation of new building construction in 2019. $21,500 in 2014. Depreciation on the old automobile recorded through December 31, 2018, totaled $14,200. The fair value of the old automobile was $4,450. Required: Prepare a schedule analyzing the changes in each of the plant assets during 2018. Sc Prev 1 of 4 L0,cise llall Sloldge Bullhg by giving $15,950 cash and an old autor le recorded through December 31, 2018, totaled $14, O in 2014. Depreciation on the old automobi old automobile was $4,450 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 12/31/2018 Decrease Increase $420,000 215,000 1,850,000 Land Land i Building 1,172,000 185,000 3,842,000 Machinery and equipment 0 0 Totals Score answer> Prev 1 of 4