At January 1, 2322, 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 150,250,000 22,300,000 The company wies straight-ine depreciation for buildings and equipment, as year-end is December 31, and it makes mysting entries analy. The buildings are estimated to have a 40 years to be and no salvage value; the mentis estimated to have a 10 yew use it and ne savage value During 2032, owng elected transactions curred Apr.1 Purchased and for $4.40 milion Pad 51.100 million cath and we year, 'note payable for the balance Interest on the note is payable antually each April Sold man for $350,000 cash. The equipment Co $2.64 milion when only purchased on January 1, 2014 June The land cout $1.50 milion when purchased on June 1, 2016. Interest on the note is due annually each nej MY Purchased equipment for $2.4 million cash Dec. 31 Retired equipment that cast 1 milion when purchased on December 31, 2017. No proceeds were received Journalas the above transactions. (Credit account sites are automatically indented when the amount is entered. Denetindent manually. If no entry is required, select "No Entry for the account witles and enter for the amount) Date Account Tities and Explanation Debit Credin Aprill Land 4,400,000 Nos Payable 2.300.000 1.100.000 M (To record depreciation expense) May 1 (To record sale of equipment) June 1 > (To record disposal of equipment) Record any adjusting entries for depreciation required at December 31. (Credit account titles are automatically inde account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record depreciation expense for buildings) Dec. 31 (To record depreciation expense for equipment) Prepare the property, plant, and equipment section of the company's statement of finandal position at December 31. (List Property, plant and Equipment in order of Land, Buildings and Equipment.) PHAROAH COMPANY Statement of Financial Position (Partial)