At December 31, 2019, Marigold Enterprises reported the following as plant assets.

Land				3,590,000
Buildings		27,650,000
Less: Accumulated depreciation-buildings		13,740,000		13,910,000
Equipment		48,010,000
Less: Accumulated depreciation-equipment		4,600,000		43,410,000
Total plant assets				60,910,000

During 2020, the following selected cash transactions occurred.

April 1		Purchased land for 2,170,000.
May 1		Sold equipment that cost 1,080,000 when purchased on January 1, 2016. The equipment was sold for 671,040.
June 1		Sold land purchased on June 1, 2010 for 1,410,000. The land cost 402,000.
July 1		Purchased equipment for 2,370,000.
Dec. 31		Retired equipment that cost 503,000 when purchased on December 31, 2010. No residual value was received.

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 residual value. The equipment is estimated to have a 10-year useful life and no residual 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.) Date

Your answer is partially 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 residual value. The equipment is estimated to have a 10-year useful life and no residual 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.) Date Account Titles and Explanation Debit Credit Apr. 1 Land 2170000 Cash 2170 May 1 v Depreciation Expense 36000 Accumulated Depreciation-Equipment 36