At January 1, 2022, Cullumber Company reported the following property, plant, and equipment accounts: Accumulated depreciationbuildings $61,350,000 Accumulated depreciationequipment 54,650,000 Buildings 97,400,000 Equipment 150,550,000 Land 21,850,000 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 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 $4.30 million. Paid $1.075 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 $320,000 cash. The equipment cost $3.78 million when originally purchased on January 1, 2014. June 1 Sold land for $5.80 million. Received $700,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.70 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.90 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received.?