16 17 19 20 2 The table below shows a company's PPE section of its SoFP at 1 Jan 2020. Lands 3.500.000 Buildings 30.000.000 Less: Accumulated depreciation- 7.500.000 22.500.000 Equipment 40.000.000 Less: Accumulated depreciation- 5.000.000 35.000.000 Total Plant Asset 61.000.000 25 26 During 2020, the following selected cash transac sons occurred. April 1 Acquired Land for $2,500,000 Mei 1 Sold equipment that cost 750,000 when purchased on January 1, 2018. The equipment was sold for 460,000 Juni 1 Sold land purchased on June 1, 2010 for 1,800,000. The land cost 300,000. Desember 1 Retired equipment that cost 600,000 when purchased on December 31, 2010. No residual value was received 31 a Instruction! 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 residual value. The equipment is estimated to have a 10-year useful life and no residual value. Update depreciation on assets disposed of at the time of sale or retirement b 35 36 On 1st of January 2021, The Company bought a special equipment for $15,000,000 with a useful life of 10 years and no residual value. At the end of 2021, an independent appraiser has determined that the special asset has a fair value of $14,000,000. Prepare necessary entries needed