At January $1,2027.$ Cullumber Company reported the following property, plant, and equipment accounts:

The company uses straight$-$line depreciation for buildings and equipment, its year$-$end is December $31,$ and it makes adjustments annually. The buildings are estimated to have a $40-$year useful life and no salvage value; the equipment is estimated to have a $10-$year useful life and no salvage value.

During $2027,$ the following selected transactions occurred:

Apr. $1$ Purchased land for $$4\mathrm{.}3$ million. Paid $$1\mathrm{.}075$ million cash and issued a $3-$year, $6\%$ note payable for the balance, Interest on the note is payable annually each April $1.$

May $1$ Sold equipment for $$320,000$ cash. The equipment cost $$3\mathrm{.}78$ million when originally purchased on January $1,2019.$

June $1$ Sold land for $$5\mathrm{.}80$ million. Received $$700,000$ cash and accepted a $3$ year, $5\%$ note for the balance. The land cost $$17$ million when purchased on June $1,2021.$ Interest on the note is due annually each June $1.$

July $1$ Purchased equipment for $$2\mathrm{.}9$ million cash.

Dec $31$ Retired equipment that cost $$1$ million when purchased on December $31,2017.$ No proceeds were received.M