At December 31, 2020, Skysong, Inc. reported the following as plant assets.

b.Record adjusting entries for depreciation for 2021

c. Prepare the plant assets section of Grand's balance sheet at December 31, 2021

Problem 9-05A a1-c (Video) (Part Level Submission) At December 31, 2020, Skysong, Inc. reported the following as plant assets. Land Buildings $ 3,720,000 $28,020,000 Equipment Less: Accumulated depreciation-equipment 5,330,000 43,670,000 49,000,000 Total plant assets $65,190,000 During 2021, the following selected cash transactions occurred. April 1 May 1 Purchased land for $2,160,000. Sold equipment that cost $840,000 when purchased on January 1, 2017. The equipment was sold for $504,000 Sold land purchased on June 1, 2011 for $1,450,000. The land cost $407,000. Purchased equipment for $2,440,000 Retired equipment that cost $489,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. June 1 July 1 Dec. 31 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 salage 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 O for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation) To record sale of equipment) (To record depreciation) (To record retirement of equipment)