Current Attempt in Progress At December 31, 2020, Concord Corporation reported the following as plant assets. $3.640,000 Land $28,180,000 Buildings 11.820,000 16.360.000 Less: Accumulated depreciation -- buildings 48,740,000 Equipment Less: Accumulated depreciation-equipment 4,780,000 43,960,000 $63,960,000 Total plant assets During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2.170,000 May 1 Sold equipment that cost $750,000 when purchased on January 1, 2017. The equipment was sold for $450,000. Sold land purchased on June 1, 2011 for $1,510,000. The land cost $393.000. June 1 July 1 Purchased equipment for $2.510,000. Retired equipment that cost $498,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Dec 31 Journalize the above transactions. The company uses straight-line depreciation for buildings and equipm The buildings are estimated to have a 50-year life 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 utomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. fra entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation (To record depreciation) To record depreciation) (To record sale of equipment) (To record sale of equipment) (To record depreciation) (To record retirement of equipment)