At Jenuary 1, 2017, Sheridan Company reported the following property, plant, and equipment accounts Accumulated depreciation-buildings $64,150,000 Accumulated deprecietion-equipment 53,500,000 Buildings Equipment Land 97,500,000 150,200,000 22,400,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjustments annually. The buildings are estimated to have a 40-year useful life and no salvage value: the equipment is estima salvage value. During 2017, the following selected transactions occurred Apr. 1 Purchased land for $4.60 million. Pa $1.150 million cash and issued a 3-year, 6% note payable or the balance. Interest on the note s payable annually each April 1 May 1 Sold equipment for $340,000 cash. The equipment cost $3.60 million when originally purchased on Jenuary 1, 2009. June 1 Sold land for $4.32 million. Received s660 000 cash and accepted a 3-year, 5% note or the balance. The and cost s 1.2 million when purchased on une 1 20 In uly 1 Purchased equipment for $2.40 million cash. Dec. 31 Retired equipment that cost $i million when purchased on December 31, 2007. No proceeds were received res on the note s e annually each . Prepere a tabuler summary that includes the property, plant, and equipment balances as of January 1, 2017 (Ifa transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockh Cash Notes RecInterest Rec.LandBuildings - Accum. Depr. - Bldgs. + Equipment -Accum. Depr. Equip. Interest Payable Notes Payable Common StockRevenue At Jenuary 1, 2017, Sheridan Company reported the following property, plant, and equipment accounts Accumulated depreciation-buildings $64,150,000 Accumulated deprecietion-equipment 53,500,000 Buildings Equipment Land 97,500,000 150,200,000 22,400,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjustments annually. The buildings are estimated to have a 40-year useful life and no salvage value: the equipment is estima salvage value. During 2017, the following selected transactions occurred Apr. 1 Purchased land for $4.60 million. Pa $1.150 million cash and issued a 3-year, 6% note payable or the balance. Interest on the note s payable annually each April 1 May 1 Sold equipment for $340,000 cash. The equipment cost $3.60 million when originally purchased on Jenuary 1, 2009. June 1 Sold land for $4.32 million. Received s660 000 cash and accepted a 3-year, 5% note or the balance. The and cost s 1.2 million when purchased on une 1 20 In uly 1 Purchased equipment for $2.40 million cash. Dec. 31 Retired equipment that cost $i million when purchased on December 31, 2007. No proceeds were received res on the note s e annually each . Prepere a tabuler summary that includes the property, plant, and equipment balances as of January 1, 2017 (Ifa transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockh Cash Notes RecInterest Rec.LandBuildings - Accum. Depr. - Bldgs. + Equipment -Accum. Depr. Equip. Interest Payable Notes Payable Common StockRevenue