At January 1, 2017, Sunland Company reported the following property, plant, and equipment accounts: $63,750,000 Accumulated depreciation-buildings Accumulated depreciation equipment Buildings 52,750,000 97,400,000 Equipment 150,450,000 Land 20,650,000 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 May 1 Purchased land for $4.30 million. Paid $1.075 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 $290,000 cash. The equipment cost $3.72 million when originally purchased on January 1, 2009. Sold land for $5.88 million. Received $660,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.70 million when purchased on June 1, 2011. Interest on the note is due annually each June 1. June 1 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. Melaka Record any adjustments required at December 31. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign for 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