At January 1, 2022, Pharoah Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $61,250,000 Accumulated depreciation equipment 54,250,000 97,300,000 Buildings Equipment 150.250.000 Land 22,300,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting ent annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-ye useful life and no salvage value. During 2022, the following selected transactions occurred: Apr. 1 Purchased land for $4.40 million. 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. Amin Caldinnit Enna Tham kita minuman that May 1 June 1 Sold equipment for $350,000 cash. The equipment cost $2.64 million when originally purchased on January 1, 2014 Sold land for $5.40 million. Received $600,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.50 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. Purchased equipment for $2.40 million cash. Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received. July 1 Dec. 31 Your answer is partially correct. Journalize the above transactions. (Credit account tities 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 April 1 Land 4400000 Cash 1100000 Notes Payable 3300000 May 1 Depreciation Expense 88000 Accumulated Depreciation-Equipment 88000 (To record depreciation expense) May 1 Cash 350000 Accumulated Depreciation Equipment 2200000 Loss on Disposal of Plant Assets 90000 2640000 Equipment (To record sale of equipment) June 1 Cash 600000 Notes Receivable 4800000 Land 1500000 Gain on Disposal of Land 3900000 July 1 Equipment 2400000 Cash 2400000 2432500 Dec. 31 Depreciation Expense 2432500 Accumulated Depreciation Equipment (To record depreciation expense) 1000000 Dec 31 Accumulated Depreciation Equipment 1000000 (To record disposal of equipment) e Textbook and Media List of Accounts Your answer is partially correct. 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 3 . . IA 0 16'C Dec. 31 Depreciation Expense 14881000 Accumulated Depreciation-Buildings 1481000 TO (To record depreciation expense for buildings) Dec. 31 Depreciation Expense 2432500 2432500 Accumulated Depreciation Equipment (To record depreciation expense for equipment) e Textbook and Media List of Accounts 16C PHAROAH COMPANY Statement of Financial Position (Partial) December 31, 2022 Property, Plant and Equipment Land Buildings Less Accumulated Depreciation-Buildings Equipment Less : Accumulated Depreciation Equipment Total Property, Plant and Equipment