Your answer is incorrect. Try again Selected accounts included in the property, plant, and equipment section of Sage Corporation's balance sheet at December 31, 2016, had the following balances. $348,000 162,400 1,276,000 1,113,600 Land Buildings Equipment During 2017, the following transactions occurred 1. A tract of land was acquired for $174,000 as a potential future building site 2. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 23,200 shares of Sage's common stock. On the acquisition date, Sage's stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota's books at $127,600 for land and $371,200 for the building at the exchange date. Current appraised values for the land and building, respectively, are $266,800 and $800,400 3. Items of machinery and equipment were purchased at a total cost of $464,000. Additional costs were incurred as follows. Freight and unloading Sales taxes Installation $15,080 23,200 30,160 4. 5. 6. Expenditures totaling $110,200 were made for new parking lots, streets, and sidewalks at the corporation's various plant locations. These expenditures had an estimated useful life of 15 years. A machine costing $92,800 on January 1, 2009, was scrapped on June 30, 2017. Double-declining-balance depreciation has been recorded on the basis of a 10-year life. A machine was sold for $23,200 on July 1, 2017. Original cost of the machine was $51,040 on January 1, 2014, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,320 (a) Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Balance at December 31, 2017 Land 214600 Land Improvements 643800 Buildings Equipment