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

Accumulated depreciationbuildings		$62,200,000
Accumulated depreciationequipment		54,000,000
Buildings		97,400,000
Equipment		150,000,000
Land		20,000,000

The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries 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 $4.4 million. Paid $1.1 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 $2.8 million when originally purchased on January 1, 2009.
June 1		Sold land for $3.6 million. Received $900,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.4 million when purchased on June 1, 2011. Interest on the note is due annually each June 1.
July 1		Purchased equipment for $2.2 million cash.
Dec. 31		Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received.

Apri1 Land 4400000 Cash T T 1100000 3300000 Notes Payable 2240000 Depreciation Expense 2240000 Accumulated Depreciati To record depreciation expense) May 1 Cash T 300000 T Accumulated Depreciation 2240000 260000 Loss on Disposal of Plant A Equipment T 2800000 (To record sale of equipment) June 1 Cash T 900000 2700000 Notes Receivable Land T T 1400000 T Gain on Disposal of Lan 2200000 July1 Equipment 2200000 Lash T T 2200000 DeC 31 100000 Depreciation Expense T T 100000 Accumulated Depreciati (To record depreciation expense) Dec. 31 Y TAccumulated Depreciation 1000000 Equipment T 1000000 To record disposal of equipment) SHOW LIST OF ACCOUNTS SHOW SOLUTION