At December 31, 2015, Grand Company reported the following as plant assets. During 2016, the following selected cash transactions occurred.

Land		$4,000,000
Buildings	$28,500,000
Less: Accumulated depreciationbuildings	12,100,000	16,400,000
Equipment	48,000,000
Less: Accumulated depreciationequipment	5,000,000	43,000,000
Total plant assets		$63,400,000

1-Apr	Purchased land for $2,130,000.
1-May	Sold equipment that cost $750,000 when purchased on January 1, 2012. The equipment was sold for $450,000.
1-Jun	Sold land purchased on June 1, 2006, for $1,500,000. The land cost $400,000.
1-Jul	Purchased equipment for $2,500,000.
Dec. 31	Retired equipment that cost $500,000 when purchased on December 31, 2006. No salvage value was received.

A. Journalize 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.

B. Record adjusting entries for depreciation for 2016.

C. Prepare the plant assets section of Grand's balance sheet at December 31, 2016.

(a) General Journal
Date	Account Titles				Debit	Credit
Apr. 1
May 1
1
Calculations:
June 1
July 1
Dec. 31
31
Calculations:

(b)	General Journal
Date	Account Titles				Debit	Credit
Dec. 31
31
Calculations:
(c)
Grand Company
Partial Balance Sheet
December 31, 2016

	T-accounts for balance calculations (Optional)
LAND
BUILDINGS					ACCUM. DEPRECIATION-BUILDINGS
EQUIPMENT					ACCUM. DEPRECIATION- EQUIP.