At December 31, 2015, Grand Company reported the following as plant assets. During 2016, the following selected cash transactions occurred. (both in excel file)

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.

Date Grand Company Page 466 Debit MMay 1 10 11 Calculations 12 2 EILand 4,000,000 Buildings $28,500,000 Less: Accumulated depreciation buildings 12,100,000 16,400,000 Equipment 48,000,000 Less: Accumulated depreciation equipment 5.000,000 43,000,000 $63,400,000 Apr Purchased land for $2.130,000 May Sold equipment that cost S750,000 when purchased on January 1, 2012. The equipment was sold for $450,000 un Sold land purchased on June 1, 2006, tor S1,500,000. 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