- / 12 III Question 12 of 14 At January 1, 2022, Youngstown Company reported the following property, plant, and equipment accounts: $62,200,000 Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings 54,000,000 97.400,000 150,000,000 20,000,000 Equipment Land The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjustments annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value During 2022, the following selected transactions occurred: Apr. 1 May 1 June 1 Purchased land for $4.4 million. Pald $1.1 million cash and issued a 3-year 6% note payable for the balance. Interest on the note is payable annually each April 1. Sold equipment for $300,000 cash. The equipment cost $2.8 million when originally purchased on January 1, 2014 Sold land for $3.6 million. Received $900,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.4 million when purchased on June 1, 2016 Interest on the note is due annually each June 1. Purchased equipment for $2.2 million cash. Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received July 1 Dec 31 Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1, 2022. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Cash Notes Rec. Interest Rec. Land Jan, 1 e Textbook and Media Save for Later Attempts: 0 of 5 used Submit