At December 31, 2020, Whispering Winds Company reported the following as plant assets. Land 3,500,000 $27,000,000 Less: Accumulated depreciation-buildings 10,000,000 17,000,000 47,000,000 Less: Accumulated depreciation-equipment,500,000 2,500,000 $63,000,000 Total plant assets During 2021, the following selected cash transactions occurred April 1 Purchased land for $2,000,000. May 1 Sold equipment that cost $600,000 when purchased on January 1, 2017, The equipment was sold for $360,000 une 1 Sold land purchased on June 1, 2011 for $1,410,000. The land cost $391,000 uly Purchased equipment for $2,300,000, Dec. 31 Retired equipment that cost $471,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Your answer is correct. ournalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year ife 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 tities 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 tities and enter for the amounts.) Date Account Titles and Explanation Debit Credit Apr. Land Cash May 1 Depreciation Expense 20000 quipment 20000 (To record depreciation) May 1 360000 260000 600000 Gain on Disposal of Plant Assets 20000 To record sale of equipment une 1 Cash 1410000 Land 391000 Gain on Disposal of Plant Assets 1019000 uly1 Equipment 2300000 Cash 2300000 Dec. 31 47100 Accumulated quipment 47100 To record depreciation) Dec. 31 Accumulated Depreciation-Equipment 471000 471000 To record retirement of equipment) Your answer is partially correct. Try again. Record adjusting entries for depreciation for 2021. (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.) Date Account Titles and Explanation Debit Credit Dec.31 Expense 540000 (To record bulding depreciation) Dec. 31 Expense 82290O 822900 (To record egipnert deprecition) Your answer is partially correct. Try again. Prepare the plant assets section of Whispering Winds's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Balance Sheet (Partial) Property Plant and Equipment Land 5109000 Buildings Less v 10540000 16460000 8229000 Less Total Property Plant and Equipment 1139000 Click if you would like to Show Work for this question: Question Attempts: 4 of 5 used SAVE FOR LATER