At December 31, 2017, Grand Company reported the following as plant assets.

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

During 2018, the following selected cash transactions occurred.

April 1	Purchased land for $2,130,000.
May 1	Sold equipment that cost $750,000when purchased on January 1, 2014. The equipment was sold for $450,000.
June 1	Sold land purchased on June 1, 2008 for $1,500,000. The land cost $400,000.
July 1	Purchased equipment for $2,500,000.
Dec. 31	Retired equipment that cost $500,000when purchased on December 31, 2008. No salvage value was received.

	Your answer is correct.

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.(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Apr. 1May 1June 1July 1Dec. 31
Apr. 1May 1June 1July 1Dec. 31
(To record depreciation)
May 1
(To record sale of equipment)
Apr. 1May 1June 1July 1Dec. 31
Apr. 1May 1June 1July 1Dec. 31
Apr. 1May 1June 1July 1Dec. 31
(To record depreciation)
Apr. 1May 1June 1July 1Dec. 31
(To record retirement of equipment)

SHOW LIST OF ACCOUNTS

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	Your answer is partially correct. Try again.

Record adjusting entries for depreciation for 2018.(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Apr. 1May 1June 1July 1Dec. 31
(To record building depreciation)
Apr. 1May 1June 1July 1Dec. 31
(To record equipment deprecition)

SHOW LIST OF ACCOUNTS

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	Your answer is partially correct. Try again.

Prepare the plant assets section of Grands balance sheet at December 31, 2018.(List Plant Assets in order of Land, Buildings and Equipment.)

Grand Company Balance Sheet (Partial)

For the Year Ended December 31, 2018For the Month Ended December 31, 2018December 31, 2018

Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesPlant AssetsOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Plant AssetsTotal Owner's Equity

$

$

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Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesPlant AssetsOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Plant AssetsTotal Owner's Equity

$