At January 1, 2021, Sunland Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $57,700,000 Accumulated depreciation-equipment 51,000,000 Buildings 91,400,000 Equipment 144,300,000 Land 19,500,000 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 $4,800,000. Paid $1,030,000 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 $320,000 cash. The equipment cost $2,994,000 when originally purchased on January 1, 2013. June 1 Sold land for $3,350,800. Received $986,800 cash and accepted a three-year, 5% note for the balance. The land (a) Your answer is partially correct. 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 O decimal places, eg. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Apr. 1 Land 4.800,000 Notes Payable 3,770, Cash 1,030, May 1 Depreciation Expense 99,800 Accumulated Depreciation - Equipment 99, (To record depreciation expense) May 1 Cash 320,000 inmont 2005 June 1 Cash 986,800 Notes Receivable 2,364,000 Land 1,500, Gain on Disposal 1,850, (To record loss/gain on sale of land) July 1 Equipment 2,400,000 Cash 2,400, Dec. 31 Depreciation Expense 1.100,000 Accumulated Depreciation - Equipment 1,100,C (To record depreciation expense) Dec. 31 Accumulated Depreciation - Equipment 1,100,000 Equipment 1,100, (To record the retirement of equipment) Dec. 31 Accumulated Depreciation - Equipment 1,100,000 Equipment 1,100, (To record the retirement of equipment) Dec. 31 Depreciation Expense 2,285,000 Accumulated Depreciation - Buildings 2,285,0 (To record impairment loss) Save for Later Attempts: 1 of 2 used Submit Answer Using multiple attempts will impact your score. 50% score reduction after attempt 1