At January 1, 2017, Crane Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings63,600,000 Accumulated depreciation-equipment 53,350,000 Buildings Equipment 97,400,000 150,600,000 23,900,000 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 2009. June 1 Sold land for $4.98 million. Received $870,000 cash and accepted a 3-year, 5% note for the balance. The land July 1 Purchased equipment for $2.20 million cash Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received Purchased land for $4.70 million. Paid $1.175 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 $220,000 cash. The equipment cost $4.08 million when originally purchased on January 1, cost $1.60 million when purchased on June 1, 2011. Interest on the note is due annually each June 1