Problem 10-2 Your answer is partially correct. Try again Selected accounts included in the property, plant, and equipment section of Bridgeport Corporation's balance sheet at December 31, 2016, had the following balances Land Land improvements Buildings Equipment $420,000 196,000 1,540,000 1,344,000 During 2017, the following transactions occurred 1. A tract of land was acquired for $210,000 as a potential future building site 2. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 28,000 shares of Bridgeport's common stock. On the acquisition date, Bridgeport'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 $154,000 for land and $448,000 for the building at the exchange date. Current appraised values for the land and building respectively, are $322,000 and $966,000 3. Items of machinery and equipment were purchased at a total cost of $560,000. Additional costs were incurred as follows Freight and unloading Sales taxes Installation $18,200 28,000 36,400 4. Expenditures totaling $133,000 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 5. A machine costing $112,000 on January 1, 2009, was scrapped on June 30, 2017. Double-declining-balance depreciation has been recorded on the 4. Expenditures totaling $133,000 were made for new parking lots, streets, and sidewalks at the corporation's various plant locations. These expendit had an estimated useful life of 15 years. 5. A machine costing $112,000 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. 6. A machine was sold for $28,000 on July 1, 2017. Original cost of the machine was $61,600 on January 1, 2014, and it was depreciated on the strai ine basis over an estimated useful life of 7 years and a salvage value of $2,800. (a) Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciatio accounts.) Balance at December 31, 2017 Land Land Improvements Buildings 2,576,000 Equipment 1845200 Click if you would like to Show Work for this question: Open blank Show Work