At December 31, 2019, Concord Corporation reported the following as plant assets.

Land				$ 3,640,000
Buildings		$28,180,000
Less: Accumulated depreciationbuildings		11,820,000		16,360,000
Equipment		48,740,000
Less: Accumulated depreciationequipment		4,780,000		43,960,000
Total plant assets				$63,960,000

During 2020, the following selected cash transactions occurred.

April 1		Purchased land for $2,170,000.
May 1		Sold equipment that cost $750,000 when purchased on January 1, 2016. The equipment was sold for $450,000.
June 1		Sold land purchased on June 1, 2010 for $1,510,000. The land cost $393,000.
July 1		Purchased equipment for $2,510,000.
Dec. 31		Retired equipment that cost $498,000 when purchased on December 31, 2010. The company received no proceeds related to salvage.

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.) Account Titles and Explanation Date Debit Credit |Land 2170000 Apr. 1 Cash 2170000 May 1 Depreciation Expense Accumulated Depreciation-Equipment To record depreciation) May 1 Cash 450000 325000 Accumulated Depreciation-Equipment 750000 Equipment Gain on Disposal of Plant Assets 25000 (To record sale of equipment) June 1- Cash 1510000 Land 393000 June 1 Cash 1510000 393000 Gain on Disposal of Plant Assets 1117000 July 1 Equipment 2510000 2510000 Cash Dec. 31 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) 498000 Dec. 31 Accumulated Depreciation-Equipment 498000 Equipment To record retirement of equipment) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEQ: SIMILAR PROBLEM Record adjusting entries for depreciation for 2020. (Credit account titles are automatically indented when amount is entered. Do indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" fort account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense Accumulated Depreciation-Buildings (To record building depreciation) Dec. 31Depreciation Expense Accumulated Depreciation-Equipment To record equipment depreciation) SHOW LIST OF ACCOUNTS