At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,260,000 Buildings $28,180,000 Less: Accumulated depreciationbuildings 12,910,000 15,270,000 Equipment 47,210,000 Less: Accumulated depreciationequipment 5,440,000 41,770,000 Total plant assets $61,300,000 During 2018, the following selected cash transactions occurred. April 1 Purchased land for $2,140,000. May 1 Sold equipment that cost $630,000 when purchased on January 1, 2014. The equipment was sold for $378,000. June 1 Sold land purchased on June 1, 2008 for $1,490,000. The land cost $409,000. July 1 Purchased equipment for $2,480,000. Dec. 31 Retired equipment that cost $501,000 when purchased on December 31, 2008. The company received no proceeds related to salvage. Collapse question part

(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.