At January 1, 2018, Cullumber Limited reported the following property, plant, and equipment accounts:

Accumulated depreciationbuildings		$62,300,000
Accumulated depreciationequipment		50,300,000
Buildings		96,100,000
Equipment		150,300,000
Land		18,100,000

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 residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the following selected transactions occurred:

Apr.	1		Purchased land for $4,230,000. Paid $1,080,000 cash and issued a three-year, 6% mortgage payable for the balance. Interest on the mortgage is payable annually each April 1.
May	1		Sold equipment for $290,000 cash. The equipment cost $2,901,300 when originally purchased on January 1, 2010.
June	1		Sold land for $3,716,300. Received $824,300 cash and accepted a three-year, 5% note for the balance. The land cost $1,400,000 when purchased on June 1, 2012. Interest on the note is due annually each June 1.
July	1		Purchased equipment for $2,100,000 cash.
Dec.	31		Retired equipment that cost $1,100,000 when purchased on January 1, 2009. No proceeds were received.
	31		Tested land for impairment and found that its recoverable value was $18,100,000.

1. Record Journal entry on December 31 for impairment loss

2. Record the adjusting entry for depreciation expense on equipment

3. Prepare the Statement of Financial Position:

CULLUMBER LIMITED Statement of Financial Position (Partial) December 31, 2018 Assets Property, Plant, and Equipment Land Buildings 96100000 Less Accumulated Depreciation - Buildings Equipment Less 1 Accumulated Depreciation - Equipment Total Property, Plant, and Equipment