At January 1, 2025, Sandhill Co. reported the following property, plant, and equipment accounts:

Accumulated depreciationbuildings		$60,500,000
Accumulated depreciationequipment		53,650,000
Buildings		97,300,000
Equipment		150,300,000
Land		23,500,000

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		Purchased land for $4.70 million. Paid $1.175 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 $210,000 cash. The equipment cost $3.48 million when originally purchased on January 1, 2017.
June 1		Sold land for $4.32 million. Received $900,000 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.
July 1		Purchased equipment for $2.00 million cash.
Dec. 31		Retired equipment that cost $1 million when purchased on December 31, 2015. No proceeds were received.