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

Accumulated depreciation buildings $ 61,550,000

Accumulated depreciation equipment 54,800,000

Buildings 97,400,000

Equipment 150,300,000

Land 23,650,000

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 $5 million. Paid $1.250 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annully each April 1.

May 1 Sold equipment for $290,000 cash. The equipment cost $3.84 million when originally purchased on

January 1, 2009

June 1 Sold land for $5.82 million. Received $660,000 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.

(a) Prepare a tabular summary that includes the property, plant, and equipment blances as of January 1, 2017

(b) Record the above transactions in the tabular summary from part (a)

((c) Record any adjustments required at December 31.

(d) Prepare the propert, plant, and equipment section of the companys statement of financial position at December 31.

ta u er su mery that r cludes the property, plant, and equipment balances or January 1 2017, Ifa transaction causes, decrease in AssetS Li bi ies or Stockholders'Equity, Prace a negative s gn (or po ent eses in front of the mount entered for the Particular Liability or Equity item that was reduced.) Liabilities Stockholders Equity Retained Earnings Expene + Notes Roc. + Interest Ree. + Lard + Buildings Accum. D-pr. -Bldgs. + Equipment . Accum. Depr.-Equip= Interest Paryable + Notes Pa'yable + Common Stock + R"venu. Dividend . - an. 1