At January 1, 2022, Ivanhoe Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62.650.000 53,850,000 97,600,000 150,750,000 20,350,000 The company uses straight-tine 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 occurredil Apr. 1 May 1 June 1 Purchased and for $4.40 milion. Pald $1 100 million cash and issued a 3 year, 6% note payable for the balance Interest on the note is payable annually each April 1 Sold equipment for $330.000 cash. The equipment cost $3.30 million when originally purchased on Jancary 1, 2014 Sold land for $4.02 million, Received $750,000 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. Purchased equipment for $2.80 million cash Retired equipment that cost $1 milion when purchased on December 31, 2012. No proceeds were received July Dec 31 MacBook Air Journalize the above transactions. (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 (To record depreciation expense) May 1 (To record sale of equipment) Qu June 1 View Que MacBook Air Question 9 of 10 - /4.5 (To record sale of equipment) June 1 og Qu Acco Que Quest Account (To record depreciation expense) Questi Account 3 Questio 1 (To record disposal of equipment) Viewing eTextbook and Media List of Accounts Question MacBook Air