At January 1, 2024 Hamsmith Corporation, a public company reported the following property, plant, and equipment accounts Accumulated depreciation-buildings $31.100.000 Accumulated depreciation-equipment 27,000,000 Building 48,700,000 Equipment Land 75,000,000 10,000,000 Hamsmith uses straight line depreciation for buildings and equipment and its fiscal year end is December 31 The buildings are estimated to have a 50 year useful life and no residual value: the equipment is estimated to have a 10-year useful life and no residual value Interest on the notes is payable or collectible annually on the anniversary date of the issue During 2024, the following selected transactions occurred: Apr. 1 Purchased land for $2.2 million. Paid $550,000 cash and issued a three-year, 6% note for the balance May 1 Sold equipment for $150,000 cash. The equipment cost $1.4 million when originally purchased on January 1, 2016, June 1 Sold tand for $1 million. Received $450,000 cash and accepted a three year, 5% note for the balance. The land cost July 1 Purchased equipment for $1.1 million cash Dec 51 Retired equipment that cost $500.000 when purchased on December 31, 2017