At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $60,950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment Land 150,200,000 24,000,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjustments 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 2022, the following selected transactions occurred: Apr. 1 Purchased land for $5 million. Paid $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 $240,000 cash. The equipment cost $4 million when originally purchased on January 1, 2014. June 1 July 1 Dec. 31 Sold land for $4 million. Received $750,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. Purchased equipment for $2 million cash. Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received. Record any adjustments required at December 31. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Cash + Notes Rec. Interest Rec. Lal Jan. 1 Apr. 1 $(1,000,000) May 1 May 1 240,000 June 1 750,000 $3,250,000 July 1 (2,000,000) Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Bal. $ $ Record any adjustments required at December 31. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Land $24,000,000 5,000,000 (1,000,000) Assets + Buildings Accum. Depr. - Bldgs. + Equipment $97,300,000 $(60,950,000) $150,200,000 $ $ $ (4,000,000) 2,000,000 (1,000,000) Record any adjustments required at December 31. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) ; Liabilities Accum. Depr. - Equip. Interest Payable + Notes Payable + Common Stock $(52,850,000) (133,333) 3,333,333 (100,000) 1,000,000 $4,000,000 $ $ Record any adjustments required at December 31. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Revenue Retained Earnings Expense Dividend 3,000,000 $(133,333) (426,667) (100,000) $ Depreciation expense Loss on disposal Gain on disposal Depreciation expense