At December 31, 2013, Walton Company reported the following as plant assets s 3,000,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation- equipment $26,500,000 12,100,000 40,000,000 14,400,000 5,000,000 35,000,000 Total plant assets $52,400,000 During 2014, the following selected cash transactions occurred April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,200,000 Sold equipment that cost $750,000 when purchased on January 1, 2010. The equipment was sold for $460,000 Sold land purchased on June 1, 2004 for $1,800,000. The land cost $300,000 Purchased equipment for $2,400,000 Retired equipment that cost $500,000 when purchased on December 31, 2004. No salvage value was received (a) Your answer is partially correct. Try again ournalize 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 salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically