At December 31, 2010, Rijo Corporation reported the following plant assets. Land $3,000,000 Buildings $26,500,000 Less: Accumulated depreciation - buildings 12,100,000 14,400,000 Equipment 40,000,000 Less: Accumulated depreciation - equipment 5,000,000 35,000,000 Total plant assets $52,400,000 During 2011, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,200,000. May 1 Sold equipment that cost $600,000 when purchased on January 1, 2004. The equipment was sold for $170,000. June 1 Sold land for $1,800,000. The land cost $1,000,000. July 1 Purchased equipment for $1,300,000. Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2001. No salvage value was received.