At January 1, 2025, Sunland Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $63,600,000 Accumulated depreciation-equipment 52,050,000 Buildings 97,600,000 150,800,000 21,800,000 Equipment Land 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 $4.10 million. Paid $1.025 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 $3.30 million when originally purchased on January 1, 2017. Sold land for $4.02 million. Received $600,000 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 $2.50 million cash. Retired enuinment that cost $1 million when purchased on December 31 2015 No proceeds were received July 1 Purchased equipment for $2.50 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2015. No proceeds were received. Journalize the above transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2025 transactions.) (List all debit entries before credit entries. 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. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation April 1 Land May 1 Cash Notes Payable (To record depreciation on equipment sold) Debit 4100000 Credit 1025000 3075000 (To record depreciation on equipment sold) (To record sale of equipment) (To record depreciation on equipment retired) Record any adjusting entries for depreciation required at December 31. (List dedit entry before creart entry. Creait account tities 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 Prepare the property, plant, and equipment section of the company's balance sheet at December 31. (List Property, Plant, and Equipment in order of Land, Buildings and Equipment.) Property, Plant, and Equipment Land SUNLAND COMPANY Balance Sheet (Partial) December 31, 2025 24100000 Buildings 97600000 Less Accumulated Depreciation-Buildings 66040000 31560000 Equipment 149000000 Less Accumulated Depreciation-Equipment 65935000 83065000 Total Property, Plant, and Equipment 138725000