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The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Plant Asset Accumulated
Depreciation
Land$470,000 $-
Land improvements 240,000 57,000
Building 2,100,000 362,000
Equipment 1,182,000 417,000
Automobiles 210,000 124,000 Transactions during 2021 were as follows:
Required:
Problem 1: Create a schedule analyzing the changes in each of the plant assets during 2021.
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