At January 1, 2022, Sandhill Co. reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $60,700,000 Accumulated depreciation-equipment 54,600,000 Buildings 97,400,000 Equipment Land 150,800,000 21,000,000 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 May 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. Sold equipment for $230,000 cash. The equipment cost $4 million when originally purchased on January 1, 2014. June 1 July 1 Dec. 31 Sold land for $5 million. Received $900,000 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.