At December 31, 2010, Kretsinger Corporation reported these plant assets.

During 2011, the following selected cash transactions occurred.
Apr. 1 Purchased land for $2,630,000.
May 1 Sold equipment that cost $750,000 when purchased on January 1, 2006.
The equipment was sold for $370,000.
June 1 Sold land purchased on June 1, 1998, for $1,800,000. The land cost $800,000.
July 1 Purchased equipment for $800,000.
Dec. 31 Retired fully depreciated equipment that cost $470,000 when purchased on December 31, 2001. No salvage value was received.

Instructions
(a) Journalize the transactions. Kretsinger uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
(b) Record adjusting entries for depreciation for 2011. (Note: The only assets that are fully depreciated are those that were retired on December 31.)
(c) Prepare the plant assets section of Kretsinger's balance sheet at December 31,2011.

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Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipmen Total plant assets $4,000,000 12,100,000 16,400,000 43,000,000 $28,500,000 48,000,000 5,000,000 $63,400,000