value: 40.00 points The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015 Accumulated Plant Asset Depreciation Land Land improvements Building Machinery and $ 460,000 235,000 2,050,000 56,000 361,000 416,000 123,000 1,180,000 205,000 equipment Automobiles Transactions during 2016 were as follows a. On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $315,000, which b. On March 31, 2016, a machine purchased for $69,000 in 2012 was sold for $47,500. Depreciation c. On May 1, 2016, expenditures of $61,000 were made to repave parking lots at Pell's plant location. The d. On November 1, 2016, Pell acquired a tract of land with an existing building in exchange for 10,000 included a $6,600 charge for freight. Installation costs of $38,000 were incurred recorded through the date of sale totaled $26,300 work was necessitated by damage caused by severe winter weather. shares of Pell's common stock that had a market price of $39 per share. Pell paid legal fees and title insurance totaling $34,000. Shortly after acquisition, the building was razed at a cost of $46,000 in anticipation of new building construction in 2017. e. On December 31, 2016, Pell purchased a new automobile for $16,350 cash and trade-in of an old automobile purchased for $23,500 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $14,600. The fair value of the old automobile was $4,850 Required 1. Prepare a schedule analyzing the changes in each of the plant assets during 2016 PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2016 Balance Balance 12/31/15 Increase Decrease 12/31/16 Land Land improvements Building Machinery and equipment Automobiles $ 460,000 235,000 2,050,000 1,180,000 205,000 $ 4,130,000 Totals