At December 31, 2027, Cullumber Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. May June 1 During 2028, the following selected cash transactions occurred. 1 July 1 Dec. 31 1 Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2021. The equipment was sold for $270,000. Sold land for $1,540,000. The land cost $994,000. R TE $27,290,000 Purchased equipment for $1,094,000. 12,280,500 T U 48,020,000 6,002,500 COM 2012 $3,770,000 15,009,500 42,017,500 Retired equipment that cost $691,000 when purchased on December 31, 2018. No salvage value was received. $60,797,000

At December 31, 2027, Cullumber Corporation reported the following plant assets. During 2028, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,190,000 May 1 Sold equipment that cost $900,000 when purchased on January 1,2021. The equipment was sold for $270,000 June 1 Sold land for $1.540,000. The land cost $994.000 July 1 Purchasedequipment for $1,094,000 Dec 31 Retired equipment that cost $691,000 when purchased on December 31, 2018. No salyage value was recelved Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2028 transactions) Cullumber uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40 year useful 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 occouint titles are outomatically indented when the amount is entered Do not indent manually. Recond journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account billes and enter ofor the amounts (ikt all debit entries before credit entries) (To record sale of equipment) (To record depreciation) (To record retirement of equipment)