CALCULATOR PRINTER VERSION 4 CK Problem 9-05A a1-c (Video) (Part Level Submission) At December 31, 2020, Sunland Company reported the following as plant assets. Land $4,360,000 Buildings $29,770,000 Less: Accumulated depreciation-buildings 12,500,000 17,270,000 Equipment 47,890,000 Less: Accumulated depreciation-equipment 4,870,000 43,020,000 Total plant assets $64,650,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,030,000. May 1 Sold equipment that cost $1,110,000 when purchased on January 1, 2017. The equipment was sold for $666,000. Sold land purchased on June 1, 2011 for $1,490,000. The land cost $391,000. June 1 July 1 Purchased equipment for $2,580,000. Retired equipment that cost $489,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Dec. 31 CALCURATOR PRINTER VERSION Your answer is partially correct. BACK NEXT Journakze the above transactions. The company uses straight line depreciation for buildings and equipment. The buildings are estimated to have a 50-year fe and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 1 Land 2030000 Cash 2030000 Cash May 1 666000 Accumulated Depreciation-Equipment 481000 (To record depreciation) May 1 Equipment 1110000 Gain on Disposal of Plant Assets 37000 CALCULA ES (To record sale of equipment) Cash 1490000 July 1 Gain on Disposal of Plant Assets 1099000 Land 391000 Equipment July 1 2580000 2580000 Cash (To record depreciation) 489000 Dec. 31 Accumulated Depreciation-Equipment 489000 Equipment (To record retirement of equipment) Open Show Work Click if you would like to Show Work for this question: () Record adjusting entries for depreciation for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Date Debit Credit (To record bulding deprecation) (To record equipment depreciation) Click if you would like to Show Work for this question: Open Show Work : 0 of 1 used SAVE FOR LATER SWER