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At December 31,2024 , certain accounts included in the property, plant, and equipment section of Reagan Company's balance sheet had the following balances. During 2025, the following transactions occurred. 1. Land site number 621 was acquired for $850,000. In addition, to acquire the land Reagan paid a $51,000 commission to a real estate agent. Costs of $35,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $13,000. 2. A second tract of land (site number 622 ) with a building was acquired for $420,000. The closing statement indicated that the land value was $300,000 and the building value was $120,000. Shortly after acquisition, the building was demolished at a cost of $41,000. A new building was constructed for $330,000 plus the following costs. The building was completed and occupied on September 30, 2025. 3. A third tract of land (site number 623) was acquired for $650,000 and was put on the market for resale. 4. During December 2025, costs of $89,000 were incurred to improve leased office space. The related lease will terminate on December 31, 2027 and is not expected to be renewed. (Hint: Leasehold improvements should be handled in the same manner as land improvements.) 5. A group of new machines was purchased under a royalty agreement that provides for payment of royalties based on units of production for the machines. The invoice price of the machines was $87,000, freight costs were $3,300, installation costs were $2,400, and royalty payments for 2025 were $17,500. a. Prepare a detailed analysis of the changes in each of the following balance sheet accounts for 2025. Disregard the related accumulated depreciation accounts. b. List the items in the situation that were not used to determine the answer to (a) above, and indicate where, or if, these items should be included in Reagan's financial statements. (AICPA adapted) (a) REAGAN COMPANY Analysis of Land Account for 2025 Balance at January 1, 2025 \$ 230,000 Land site number 621 Acquisition cost $850,000 Commission to real estate agent 51,000 Clearing costs $35,000 Less: Amounts recovered 13,000 22.000 Total land site number 621 923,000 Land site number 622 Land value 300,000 Building value 120,000 Demolition cost 41.000 Total land site number 622 461,000 Balance at December 31, 2025 $$1,614,009 REAGAN COMPANY Analysis of Buildings Account for2025 Balance at January 1, 2025 \$ 890,000 Cost of new building constructed on land site number 622 Construction costs $330,000 Excavation fees 38,000 Architectural design fees 11,000 Bullding permit foe 2.500 381.500 Balance at December 31, 2025 $1,271,500 REAGAN COMPANY Analysis of Leasehold Improvements Account REAGAN COMPANY Analysis of Equipment Account (b) Items in the fact situation which were not used to determine the answer to (a) above are as follows: 1. Interest imputed on equity (stock) financing of $8,500 is not permitted by GAAP and thus does not appear in any financial statement. 2. Land site number 623 , which was acquired for $650,000, should be included in Reagan's balance sheet as land held for resale (investment section). 3. Royalty payments of $17,500 should be included as a normal operating expense in Reagan's income statement