Saved Help Save & Exit Submit 8 Check my work The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017: Accumulated Depreciation Plant Asset Land Land improvements Building Machinery and equipment Automobiles $ 430,800 220,006 1,900,990 1,174 ,8 196,88e 53,880 358,800 413,000 120,800 ts eBook Print Transactions during 2018 were as follows: a. On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $300,000, which included a $6,300 b. On March 31, 2018, a small storage building was donated to the company The person donating the building originally c. On May 1, 2018, expenditures of $58,000 were made to repave parking lots at Pell's plant location. The work was necessitated d. On November 1, 2018, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common erences charge for freight. Installation costs of $35,000 were incurred purchased it three years ago for $27,000. The fair value of the building on the day of the donation was $18,500 by damage caused by severe winter weather stock that had a market price of $36 per share. Pell paid legal fees and title insurance totaling $31,000. Shortly after acquisition, the building was razed at a cost of $43,000 in anticipation of new building construction in 2019. e. On December 31, 2018, Pell purchased a small storage building by giving $16,050 cash and an old automobile purchased for $22,000 in 2014. Depreciation on the old automobile recorded through December 31, 2018, totaled $14,300. The fair value of the old automobile was $4.550 Prey 8of 1511: Next > 8 Prepare a schedule analyzing the changes in each of the plant assets during 2018. PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2018 nts Balance 12/31/2018 $ 864,000 Balance 12/31/2017 Increase Decrease eBook 430,000434,000 Land Land improvements Building 220,000 220,000 Print 1,900,000 20,600 1,509,000 168,000 3,914,000 789,60022,000 2,761,000 1,174,000 190,000 335,000 Machinery and equipment Automobiles 22,000 Totals