At January 1, 2022, Crane Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment $63,600,000 53,350,000 97,400,000 150,600,000 23,900,000 Land 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 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 $4.70 million. Paid $1.175 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 $220,000 cash. The equipment cost $4.08 million when originally purchased on January 1, 2014. June 1 Sold land for $4.98 million. Received $870,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.60 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.20 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received. Journalize the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is Date Account Titles and Explanation Debit Credit April 1 Land 4,700,000 Cash 1,175,000 Notes Receivable 3,525,000 May 1 Cash 220,000 Gain on Disposal of Plant Assets (To record depreciation expense) May 1 Accumulated Depreciation-Equipment 3,264,000 Loss on Disposal of Plant Assets Equipment 4,080,000 Land (To record sale of equipment) June 1 Cash 870,000 Notes Payable Land Gain on Disposal of Plant Assets July 1 Equipment Cash Dec. 31 Depreciation Expense 1,000,000 Accumulated Depreciation-Equipment 1,000,000 (To record depreciation expense) Dec. 31 1 Depreciation Expense Accumulated Depreciation-Buildings (To record disposal of equipment) Record any adjusting entries for depreciation required at December 31. (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.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense for buildings) Dec. 31 Depreciation Expense Accumulated Depreciation-Buildings (To record depreciation expense for equipment) Prepare the property, plant, and equipment section of the company's statement of financial position at December 31. (List Property, Plant and Equipment in or CRANE COMPANY Statement of Financial Position (Partial) December 31, 2022 Property, Plant and Equipment Land $ 27,000,000 Buildings $ 97,400,000 Less Accumulated Depreciation-Buildings 66,035,000 i 31,365,000 Equipment 147,720,000 Less Accumulated Depreciation-Equipment 64,664,000 83,056,000 Total Property, Plant and Equipment 141,421,000