Altimus Corporation reported the below information at year end on December 31, 2020:

1. Land $4,500,000

2. Buildings $30,500,000

3. Accumulated Depreciation - Buildings $13,700,000

4. Equipment $60,000,000

5. Accumulated Depreciation - Equipment $6,000,000

During 2021, the following selected transactions occurred ( Assume all were cash transactions ):

Mar. 1 Purchased land for $2,468,000.

Apr. 1 Sold equipment that had an original cost of $500,000 when purchased on January 1, 2017. The

equipment was sold for $ 220,000.

May 1 Sold land for $2,100,000. The land had an original cost $600,000 when purchased on

April 1, 2010.

July 1 Purchased equipment for $1,500,000.

Dec. 31 Retired equipment that had an original cost of $400,000 when purchased on

January 1, 2012. No residual value was received.

Instructions:

a) Journalize the above transactions. Altimus uses straight-line depreciation for buildings

and equipment. Buildings are estimated to have a 40-year useful life and no residual value.

Equipment is estimated to have a 10-year useful life and no residual value.

b) Record the necessary adjusting entries for depreciation on December 31, 2021.

c) Prepare the long-lived asset section of the Altimus Corporation balance sheet on

December 31, 2021.