Selected accounts included in the property, plant, and equipment section of shamrock corporation’s balance sheet at december 31, 2016, had the following balances. land $336,000land improvements 156,800buildings 1,232,000equipment 1,075,200during 2017, the following transactions occurred.1. a tract of land was acquired for $168,000 as a potential future building site.2. a plant facility consisting of land and building was acquired from mendota company in exchange for 22,400 shares of shamrock’s common stock. on the acquisition date, shamrock’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 $123,200 for land and $358,400 for the building at the exchange date. current appraised values for the land and building, respectively, are $257,600 and $772,800.3. items of machinery and equipment were purchased at a total cost of $448,000. additional costs were incurred as follows. freight and unloading $14,560sales taxes 22,400installation 29,1204. expenditures totaling $106,400 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 $89,600 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 $22,400 on july 1, 2017. original cost of the machine was $49,280 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 $2,240.(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, 2017land $entry field with incorrect answerland improvements $entry field with correct answerbuildings $entry field with correct answerequipment $entry field with incorrect answer