At January 1, 2021, Cullumber Limited reported the following property, plant, and equipment accounts:

Accumulated depreciationbuildings		$60,800,000
Accumulated depreciationequipment		57,200,000
Buildings		104,600,000
Equipment		144,200,000
Land		21,000,000

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 residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2021, the following selected transactions occurred:

Apr.	1		Purchased land for $4,520,000. Paid $1,090,000 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 $2,756,400 when originally purchased on January 1, 2013.
June	1		Sold land for $3,273,100. Received $844,300 cash and accepted a three-year, 5% note for the balance. The land cost $1,600,000 when purchased on June 1, 2015. Interest on the note is due annually each June 1.
July	1		Purchased equipment for $2,400,000 cash.
Dec.	31		Retired equipment that cost $900,000 when purchased on January 1, 2012. No proceeds were received.
	31		Tested land for impairment and found that its fair value was $21,000,000.

Please answer asap homework due tonight

Record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) te Account Titles and Explanation Debit Credit Land 4520000 Cash 1090000 Mortgage Payable 3430000 Accumulated Depreciation - Equipment 91880 91800 Accumulated Depreciation - Equipment (To record depreciation expense) Cash 290000 Accumulated Depreciation - Equipment 2297000 Loss on Disposal 169400 2756400 Equipment (To record loss/gain on sale of equipment) Cash 844300 Notes Receivable 2428800 Land 1600000 1673100 Gain on Disposal (To record loss/gain on sale of land) Equipment 2400000 Cash 2400000 Depreciation Expense 14264360 14264360 Accumulated Depreciation - Equipment (To record depreciation expense) Depreciation Expense 1520000 1520000 Accumulated Depreciation - Buildings (To record the retirement of equipment) Accumulated Depreciation - Equipment 900000 Equipment 900000 (To record impairment loss) Save for Later Attempts: 1 of 3 used Submit