At December 31, 2017, Grand Company reported the following as plant assets. $3,980,000 Land Buildings Less: Accumulated depreciation-buildings 13,200,000 15,010,000 Equipment Less: Accumulated depreciation-equipment 4,980,000 43,690,000 $28,210,000 48,670,000 Total plant assets $62,680,000 During 2018, the following selected cash transactions occurred. Apri 1 Purchased land for $2,200,000. May 1 Sold equipment that cost $840,000 when purchased on January 1, 2014. The equipment was sold for $504,000 June 1 Sold land purchased on June 1, 2008 for $1,450,000. The land cost $399,000. July 1 Purchased equipment for $2,480,000 Dec. 31 Retired equipment that cost $491,000 when purchased on December 31, 2008. The company received no proceeds related to salvage