At December 31, 2017, Grand Company reported the following as plant assets.

During 2018, the following selected cash transactions occurred.
April 1 Purchased land for $2,130,000.
May 1 Sold equipment that cost $750,000 when purchased on January 1, 2014.
The equipment was sold for $450,000.
June 1 Sold land purchased on June 1, 2008 for $1,500,000. The land cost $400,000.
July 1 Purchased equipment for $2,500,000.
Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2008.
The company received no proceeds related to salvage.

Instructions
(a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-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 2018.
(c) Prepare the plant assets section of Grand€™s balance sheet at December 31,2018.

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Land Buildings Less: Accumulated depreciation buildings Equipment Less: Accumulated depreciation equipment $ 4,000,000 12,100,000 16,400,000 43,000,000 S28,500,000 48,000,000 5,000,000 Total plant assets S63,400,000