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

Accumulated depreciationbuildings $65,600,000

Accumulated depreciationequipment 49,100,000

Buildings 96,400,000

Equipment 156,900,000

Land 20,300,000

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 $4,210,000. Paid $1,020,000 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 $270,000 cash. The equipment cost $3,021,600 when originally purchased on January 1, 2010.

June 1 Sold land for $3,288,900. Received $934,500 cash and accepted a three-year, 5% note for the balance. The land cost $1,500,000 when purchased on June 1, 2012. Interest on the note is due annually each June 1.

July 1 Purchased equipment for $2,200,000 cash.

Dec. 31 Retired equipment that cost $1,000,000 when purchased on January 1, 2009. No proceeds were received.

Dec. 31 Tested land for impairment and found that its recoverable value was $20,300,000.

a) Record the above transactions.

b) Record any adjusting entries required at December 31.

c) Prepare the property, plant, and equipment section of the companys statement of financial position at December 31.