At January 1, 2017, Wildhorse Co. reported the following property, plant, and equipment accounts: Accumulated depreciationbuildings $64,000,000 Accumulated depreciationequipment 54,400,000 Buildings 97,300,000 Equipment 150,800,000 Land 20,250,000 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 $4.60 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. May 1 Sold equipment for $300,000 cash. The equipment cost $3.12 million when originally purchased on January 1, 2009. June 1 Sold land for $4.08 million. Received $900,000 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 $2.80 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received.

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 = Liabilities + Stockholders' Equity Retained Earnings Cash + Notes Rec. + Interest Rec. + Land + Buildings - Accum. Depr. - Bldgs. + Equipment - Accum. Depr. - Equip. = Interest Payable + Notes Payable + Common Stock + Revenue - Expense - Dividend 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 entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Cash + Notes Rec. + Interest Rec. + Land + Buildings - Accum. Depr. - Bldgs. + Equipment - Accum. Depr. - Equip. = Interest Payable + Notes Payable + Common Stock + Revenue - Expense - Dividend 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 particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Cash + Notes Rec. + Interest Rec. + Land + Buildings - Accum. Depr. - Bldgs. + Equipment - Accum. Depr. - Equip. = Interest Payable + Notes Payable + Common Stock + Revenue - Expense - Dividend Jan. 1 $ $ $ $ $ $ $ $ $ $ $ $ $ $ Apr. 1 May 1 May 1 June 1 July 1 Dec. 31 Dec. 31 Dec. 31 $ $ $ $ Dec. 31 Dec. 31 Dec. 31

Prepare the property, plant, and equipment section of the companys statement of financial position at December 31. (List Property, Plant and Equipment in order of Land, Buildings and Equipment.) WILDHORSE CO. Statement of Financial Position (Partial) Land $ Building $ : Accumulated Depreciation-Buildings Equipment : Accumulated Depreciation-Equipment $