At January 1, 2022, Youngstown Company reported the following property, plant, and equipment accounts:

Accumulated Depre. buildings - $62,200,000---- Accumulated depre. equipment- 54,000,000---- Buildings- 97,400,000--- Equipment- 150,000,000------Land- 20,000,000

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.

Apr. 1		Purchased land for $4.4 million. Paid $1.1 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 $300,000 cash. The equipment cost $2.8 million when originally purchased on January 1, 2014.
June 1		Sold land for $3.6 million. Received $900,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.4 million when purchased on June 1, 2016. Interest on the note is due annually each June 1.
July 1		Purchased equipment for $2.2 million cash.
Dec. 31		Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received.

Record any adjustments required at December 31.

	Cash	+	Notes Rec.	+	Interest Rec.	+	Land	+	Buildings	-	Accum. Depr. - Bldgs.	+	Equipment	-	Accum. Depr. - Equip.	=	Interest Payable	+	Notes Payable	+	Common Stock	+	Revenue	-	Expense	-	Dividend
Jan. 1								$20,000,000		$97,400,000		$(62,200,000)		$150,000,000		$(54,000,000)
Apr. 1		$(1,100,000)						4,400,000												$3,300,000
May 1																(93,333)										$(93,333)				Depreciation expense
May 1		300,000												(2,800,000)		2,333,333										(166,667)				Loss on disposal
June 1		900,000		$2,700,000				(1,400,000)																2,200,000						Gain on disposal
July 1		(2,200,000)												2,200,000
Dec. 31																(100,000)										(100,000)				Depreciation expense