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

Accumulated depreciationbuildings		$63,550,000
Accumulated depreciationequipment		55,800,000
Buildings		97,400,000
Equipment		150,000,000
Land		20,550,000

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 $4.00 million. Paid $1.000 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 $300,000 cash. The equipment cost $2.46 million when originally purchased on January 1, 2009.
June 1		Sold land for $5.40 million. Received $630,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.80 million when purchased on June 1, 2011. Interest on the note is due annually each June 1.
July 1		Purchased equipment for $2.50 million cash.
Dec. 31		Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received.

Assets Liabilities Cash + Notes Rec. + Interest Rec. + Land + Bulldings - Accum. Depr. - Bldgs. + Equipment - Accum. Depr. - Equip. = Interest Payable + Notes Payable + Common Stock + Jan. 1 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 enter reduced.) Assets Liabilities Cash + Notes Rec. + Interest Rec. + Land + Buildings - Accum. Depr. - Bldgs. + Equipment - Accum. Depr. - Equip. = Interest Payable + Notes Payable + Common Stock + Jan. 1. Apr. 1 May 1 May 1 June 1 July 1 Dec. 31 Dec. 31 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 partic Assets Liabilities + Stockholders' Equity Retained Earnings - Expense - + Buildings - Accum. Depr. - Bldgs. + Equipment - Accum. Depr. - Equip. = Interest Payable + Notes Payable + Common Stock + Revenue Dividend Interest expense Gain on disposal Depreciation expense Loss on disposal Interest revenue VIDEO: SIMILAR PROBLEM VIDEO: SIMILAR