At January 1, 2022, Wildhorse Co, feported the following property, plant, and equipment accounts: The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually, The bulldings are eulimated to hwe a 40 year useful life and no salvage value: the equipment is estimated to hwe a 10 -year. uschulife and no salvage value. During 2022, the following selected transactions occurred: Apr. 1 Purchased land for $4.60 miltion. Paid $1.150 million cash and bsued a 3. vear, 6$ note pyyable for the balance. interest on the note is paryable annually each Aperil 1. May 1 Sodd equipment for $300,000 cash The equipment cont $3,12 milion when originally purchased on January 1,2014. June 1 Sold Lind for $4.08 mallion. Received $900.000 cash and accepted a 3 year, 5% note for the bafance. The land cost $130 million when purchased on Jurne 1.2016. Interest on the note is due annually each June 1. July 1 Purchisedequipenent for $2.80 million cash. Dec. 31 Retired equigment that cost $1 million when parchased on December 31. 2012. No proceeds were received. 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 occount titles and enter o for the amounts.)