At January 1, 2017, Blossom Company reported the following property, plant, and equipment accounts:

Accumulated depreciationbuildings		$ 60,950,000
Accumulated depreciationequipment		52,850,000
Buildings		97,300,000
Equipment		150,200,000
Land		24,000,000

The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries 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 2017, the following selected transactions occurred.

Apr. 1		Purchased land for $ 5.00 million. Paid $ 1.250 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 $ 240,000 cash. The equipment cost $ 3.72 million when originally purchased on January 1, 2009.
June 1		Sold land for $ 4.38 million. Received $ 750,000 cash and accepted a 3-year, 5% note for the balance. The land cost $ 1.30 million when purchased on June 1, 2011. Interest on the note is due annually each June 1.
July 1		Purchased equipment for $ 2.30 million cash.
Dec. 31		Retired equipment that cost $ 1 million when purchased on December 31, 2007. No proceeds were received.