At January 1, 2017, Blossom Company reported the following property, plant, and equipment accounts Accumulated depreciationbuildings $60,400,000 Accumulated depreciationequipment 53,500,000 Buildings 97,600,000 Equipment 150,000,000 Land 21,850,000 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 2017, the following selected transactions occurred Apr 1 Purchased land for $4 40 million Paid $1 100 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 $2 64 million when originally purchased on January 1, 2009 June 1 Sold land for $5 74 million Received $700,000 cash and accepted a 3 year, 5 note for the balance The land cost $1 50 million when purchased on June 1, 2011 Interest on the note is due annually each June 1 July 1 Purchased equipment for $2 70 million cash Dec 31 Retired equipment that cost $1 million when purchased on December 31, 2007 No proceeds were received C) Record any adjustments required at December 31 (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced ) (c) Record any adjustments required at December 31 (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced ) Cash Notes Rec Interest Rec Jan 1 $ $ $ $ Apr 1 May 1 May 1 June 1 July 1 Dec 31 Dec 31 Dec 31 $ Dec 31 Dec 31 Dec 31 Assets Interest Rec Land Buildings Accum Depr $ $ $ $ $ Accum Depr Bldgs Equipment Accum Depr Equip Interest $ $ $ $ $ Liabilities Interest Payable Notes Payable Common Stock RE $ $ $ $ $ $ Stockholders' Equity Retained Earnings Expense Revenue Dividend $ $ $ vidend

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At January 1, 2017, Blossom Company reported the following property, plant, and equipment accounts: Accumulated depreciationbuildings $60,400,000 Accumulated depreciationequipment 53,500,000 Buildings 97,600,000 Equipment 150,000,000 Land

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

Accumulated depreciationbuildings		$60,400,000
Accumulated depreciationequipment		53,500,000
Buildings		97,600,000
Equipment		150,000,000
Land		21,850,000

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 2017, the following selected transactions occurred:

Apr. 1		Purchased land for $4.40 million. Paid $1.100 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 $2.64 million when originally purchased on January 1, 2009.
June 1		Sold land for $5.74 million. Received $700,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.50 million when purchased on June 1, 2011. Interest on the note is due annually each June 1.
July 1		Purchased equipment for $2.70 million cash.
Dec. 31		Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received.

C) Record any adjustments required at December 31. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

(c) image text in transcribed Record any adjustments required at December 31. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Cash Notes Rec + Interest Rec. Jan. 1 $ $ $ $ Apr. 1 May 1 May 1 June 1 July 1 Dec 31 Dec 31 Dec 31 $ Dec 31 Dec 31 Dec 31 Assets Interest Rec. Land Buildings Accum. Depr. - $ $ $ $ $ Accum. Depr.- Bldgs. Equipment Accum. Depr.- Equip. = Interest $ $ $ $ $ Liabilities Interest Payable Notes Payable Common Stock RE $ $ $ $ ] ] ] ] ] ] $ $ ] ] Stockholders' Equity Retained Earnings Expense Revenue Dividend $ $ $ > vidend >