At January 1, 2017, Carla Vista Co. reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $60,300,000 54,700,000 Accumulated depreciation-equipment Buildings 97,500,000 Equipment 150,650,000 Land 20.800,000 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 May 1 Purchased land for $4.60 million. Paid $1.150 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1. Sold equipment for $240.000 cash. The equipment cost $3.60 million when originally purchased on January 1, 2009. Sold land for $4.68 million. Received $690.000 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. Purchased equipment for $2.90 million cash. June 1 July 1 Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received. Your answer is correct. Prepare a tabular summary that includes the property.plant, and equipment balances as of January 1, 2017. (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.) Assets Interest Rec. Land Buildings Accum. Depr. - Bldgs. S 20800000 $ 97500000 $ -60300000 eTextbook and Media List of Accounts Attempts: 2 of 2 used Using multiple attempts has impacted your score. 10% score reduction after attempt 1 (b) Record the above transactions in the tabular summary from part (a). (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. Land Jan. 1 $ OF $ $ Apr. 1 - 1150000 May 1 May 1 24000 June 1 July 1 Dec. 31 Dec 31