At December 31, 2014, Grand Company reported the following as plant assets.

Land $4,103,000.

Buildings $28,400,00

Less: Accumulated depreciation-buildings 10,867,000 17,753,000

Equipment 48,544,000

Less: Accumulated depreciation- 5,458,000 43,086,000

Equipment $64,762,00

Total plant assets

During 2015, the following selected cash transactions occurred.

April 1	Purchase land for $2,082,000
May 1	Sold equipment that cost $1,134,000 when purchased on January 1, 2011. The equipment was sold for $680,400.
June 1	Sold land purchased on June 1, 2005 for $1,472,000. The land cost $401,000

July 1 Purchased equipment for $ 2,370,000.

Dec 31 Retired equipment that cost $497,000 when purchased on December 31, 2005. No salvage value was received.

Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to ahve 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 )

Dates	Account Titles and Explanation	Debit	Credi
April 1
May 1
(To Record depreciation
May 1
(To record sale of equipment)
June 1( 3 accounts)

July 1 (2 accounts)

Dec 31(to record depreciation)

Dec 31 ( to record retirement of equipment)

Finally Record adjusting entries for depreciation for 2015: Dec 31 (To record building depreciation).

Dec 31 (To record equipment depreciation).