Analyze trhe each transaction in the Item collul Item P9-2A At December 31, 2017, Arno s column, l OtRO ramounts in the Other Accounts Buildings $302,170 Land alize equipment ctions related to purchase, tirement, and depreciation 5), AP s 3,000,000 11.925,000 14,575.000 5,000,000 35,000,000 mber 31, 2017, Arnold Corporation reported the following $26,500,000 Land Buildings Less: Accumulated depreciation-buildings Equipment 40,000,000 Less: Accumulated depreciation-equipment $52,575,000 Total plant assets ng 2018, the following selected cash transactions occurred. Apr 1 Purchased land for $2,200,000. During May 1 Sold equipment that cost $600,000 when purchased on January1,20 The equipment was sold for $170,000. June 1 Sold land for $1,600,000. The land cost $1,000.000 July 1 Purchased equipment for $1,100,000. Dec. 31 Retired equipment that cost $700,000 when purchased on December 31 2008. No salvage value was received. Instructions (a) Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2018 transactions.) Arnold uses straight-line depreciation for buildings and equipment. 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 sal vage value. Update depreciation on assets disposed of at the time of sale or retirement. (b) Record adjusting entries for depreciation for 2018. ets $50,037,500 (c) Prepare the plant assets section of Arnold's balance sheet at December 31, 2018