also need adjusting entries for December 31. plus statement of financial position for property, plant, and equipment section.

Question 1 At January 1, 2017, Blossom Company reparted the following property, plant, and equipment accounts: $60,200,000 52,000,000 Accumulated depreciation-buildings Accumulated depreciation-equipment. 97,200,000 Buildings 150,000,000 Equipment ade 20,000,000 Land The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful ufe and no salvage value; the equipment is estimated to have a 10-year useful ife and no salvage value. During 2017, the following selected transactions eccurred. Purchased land for $4.00 millon. Paid $1.000 milion cash and issued a 3-vear, 6% note pavable for the balance. Interest on the note is payable annually each April 1. Sold equipment for $200,000 cash. The equipment cost $2.40 millon when originally purchased on January 1, 209 Sold land for $3.60 million. Received $600,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.20 million when purchased on June 1, 2011. Interest on the note is due annualy each June 1. Purchased equipment for $2.00 million cash. Retired equipment that cost $1 milion when purchesed on December 31, 2007, No proceeds were recelved. Apr. 1 May 1 June 1 July 1 Dec. 31 v(a) Your answer is partially comrect. Try again. Recond the above transactions. (Credit account titles are automatically indented when the amount is entered, Do not indent manualy, If no entry is requlred, select "No Entry" for the account titles and enter o for the amounts.I Credit Account Tities and Explanation Debit Date 4,000,000 and April 1 1,000,00 Cash Notes Paynble :lDepreciation Expense May 1 Acoumudated Deerecatien-Equement Land Gain on Disposal of Land July 1 Equipment Cash Depreciation Expense Dec. 31 Accumulated Depreciation-Equipment (To record depreciation expense) Accumulated Depreciation-Equipment Dec. 31 Equipment (To record disposal of equipment) LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT