At January 1, 2025, Pharoah Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $61,250,000 Accumulated depreciation-equipment 54,250,000 Buildings 97,300,000 Equipment Land 150,250,000 22,300,000 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 Dec. 31 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 $350,000 cash. The equipment cost $2.64 million when originally purchased on January 1, 2017. Sold land for $5.40 million. Received $600,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.50 million when purchased on June 1, 2019. Interest on the note is due annually each June 1. Purchased equipment for $2.40 million cash. Retired equipment that cost $1 million when purchased on December 31, 2015. No proceeds were received. April 1 Land Cash Notes Payable May 1 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation on equipment sold) May 1 Cash Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment (To record sale of equipment) June 1 Cash Notes Receivable Land Gain on Disposal of Plant Assets July 1 Equipment Cash Dec. 31 Depreciation Expense Dec 31 Accumulated Depreciation-Equipment (To record depreciation on equipment retired) Accumulated Depreciation-Equipment Equipment 4,400,000 88,000 350,000 2,200,000 90,000 600,000 4,800,000 2,400,000 100,000 1,000,000 1,100,000 3,300,000 88,000 2,640,000 1,500,000 3,900,000 2,400,000 100,000 1,000,000 (b) Record any adjusting entries for depreciation required at December 31. (List debit entry before credit entry. 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 account titles and enter O for the amounts.) Date Account Titles and Explanation (To record depreciation expense for buildings) (To record depreciation expense for equipment) Debit Credit