Cullumber Corporation had the following transactions. 1. Sold land (cost $10,900) for $13,900. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $15,900. 4. Paid salaries of $7,900. 5. 6. Issued 800 shares of $1 par value common stock for equipment worth $6,400. Sold equipment (cost $8,400, accumulated depreciation $5,880) for $1,008. Account Titles and Explanation Debit Cash Gain on Disposal of Plant Assets Land Cash Common Stock Depreciation Expense Accumulated Depreciation-Buildings Salaries and Wages Expense 13900 20000 15900 7900 Credit 3000 10900 20000 15900 Cash Equipment Common Stock Paid-in Capital in Excess of Par Value-Common Stock Cash Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment 6400 1008 5880 1512 7900 800 5600 8400 1. Cash receipt Gain on disposal of plant assets 2. Cash receipt Depreciation 3. expense Salaries and 4. wages expense Common 5. stock for equipment 6. Cash receipt Loss on disposal of plant assets