The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2012: Plant Asset Accumulated Depreciation Land $ 490,000 $ Land improvements 250,000 59,000 Building 2,200,000 364,000 Machinery and equipment 1,186,000 419,000 Automobiles 220,000 126,000 Transactions during 2013 were as follows: a. On January 2, 2013, machinery and equipment were purchased at a total invoice cost of $330,000, which included a $6,900 charge for freight. Installation costs of $41,000 were incurred. b. On March 31, 2013, a machine purchased for $72,000 in 2009 was sold for $50,500. Depreciation recorded through the date of sale totaled $26,750. c. On May 1, 2013, expenditures of $64,000 were made to repave parking lots at Pells plant location. The work was necessitated by damage caused by severe winter weather. d. On November 1, 2013, 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 $37,000. Shortly after acquisition, the building was razed at a cost of $49,000 in anticipation of new building construction in 2014. e. On December 31, 2013, Pell purchased a new automobile for $16,650 cash and trade-in of an old automobile purchased for $25,000 in 2009. Depreciation on the old automobile recorded through December 31, 2013, totaled $14,900. The fair value of the old automobile was $5,150. Required: 1. Prepare a schedule analyzing the changes in each of the plant assets during 2013.

2. Prepare a schedule showing the gain or loss from each asset disposal that would be recognized in Pells income statement for the year ended December 31, 2013.