Please don't give image format The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December31, 2023:LandLand improvementsBuildingEquipmentAutomobilesPlant Asset Accumulated Depreciation$ 430,000220,0001,900,0001,174,000190,000$-53,000358,000413,000120,000Transactions during 2024 were as follows:a. On January 2, 2024, equipment was purchased at a total invoice cost of $300,000, which included a $6,300charge for freight. Installation costs of $35,000 were incurred in addition to the invoice cost.b. On March 31, 2024, a small storage building was donated to the company. The person donating the buildingoriginally purchased it three years ago for $27,000. The fair value of the building on the day of the donationwas $18,500.c. On May 1, 2024, expenditures of $58,000 were made to repave parking lots at Pell's plant location. The workwas necessitated by damage caused by severe winter weather. The repair doesn't provide future benefitsbeyond those originally anticipated.d. On November 1, 2024, Pell acquired a tract of land with an existing building in exchange for 10,000 shares ofPell's common stock that had a market price of $36 per share. Pell paid legal fees and title insurance totaling$31000 Shortly after arnuisition the building wae razorl at a cost of $43000 in anticination of new building $31,000. Shortly after acquisition, the building was razed at a cost of $43,000 in anticipation of new buildingconstruction in 2025.e. On December 31, 2024, Pell purchased a small storage building by giving $16,850 cash and an old automobilepurchased for $22,000 in 2017. Depreciation on the old automobile recorded through December 31, 2024,totaled $14,300. The fair value of the old automobile was $4,550.Required:Prepare a schedule analyzing the changes in each of the plant assets during 2024.LandLand improvementsBuildingEquipmentLandLand improvementsBuildingAnswer is complete but not entirely correct.PELL CORPORATIONAnalysis of Changes in Plant AssetsFor the Year Ended December 31, 2024Balance12/31/2023Increase$ 430,000 $ 434.000220,0001,900,000Show Transcribed TextEquipmentAutomobilesTotals1,174,00018,500✔21,400335,000✔1,174,000190,000$ 3,914,000JDecreaseAnswer is complete but not entirely correct.PELL CORPORATIONAnalysis of Changes in Plant AssetsFor the Year Ended December 31, 2024Balance12/31/2023$ 430,000220,0001,900,000Increase$ 434,00018,50021,400335,000✔Balance12/31/2024S 864,000220,0001,939,100x1,509,000$$ 808,900 $DecreaseBalance12/31/2024864,000220,000✔$1,939,100 x1,509,000✔168,000✔22,00022,000 $ 4,700,100

Changes in plant assets refer to modifications or events that impact the value or composition of a…

Required: Prepare a schedule analyzing the changes in each of the plant assets during 2024. Land Land improvements Building Equipment Answer is complete but not entirely correct. PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2024 Increase Balance 12/31/2023 $430,000 220,000 1,900,000 1,174,000 $ 434,000 ( 18,500 21,400 335,000 Decrease Balance 12/31/2024 S 864,000 220,000 1,939,100 1,509,000