At December 31, 2019, Martinez Enterprises reported the following as plant assets. During 2020, the following selected cash transactions occurred. April Purchased land for 2,000,000. May Sold equipment that cost 780,000 when purchased on January 1,2016 . The equipment was sold for 484,640. June Sold land purchased on June 1,2010 for 1,410,000. The land cost 392,000. During 2020 , the following selected cash transactions occurred. Your answer has been saved. See score details after the due date. 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.) Accumulated Depreciation-Equipment 338,000 Equipment Gain on Disposal of Plant Assets (To record sale of equipment) Land Gain on Disposal of Plant Assets Equipment 2,430,000 Cash 2,430 Dec 31 Depreciation Expense 50,200 July 1 Equipment 2,430,000 Cash 2,430 Dec31 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Dec.31 Accumulated Depreciation-Equipment Equipment (To record retirement of equipment) Record adjusting entries for depreciation for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)