At January 1, 2025, Ivanhoe Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $62,650,000 Accumulated depreciation-equipment 53,850,000 Buildings Equipment Land 97,600,000 150,750,000 20,350,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries 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 2025, the following selected transactions occurred: Apr. 1 May 1 June 1 July 1 Purchased land for $4.40 million. Paid $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. Sold equipment for $330,000 cash. The equipment cost $3.30 million when originally purchased on January 1, 2017. Sold land for $4.02 million. Received $750,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.80 million when purchased on June 1, 2019. Interest on the note is due annually each June 1. Purchased equipment for $2.80 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2015. No proceeds were received.