Current Attempt in Progress At January 1, 2022, Sheridan Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $64,150,000 Accumulated depreciation-equipment 53,500,000 Buildings 97,500,000 Equipment Land 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 adjusting entri annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-ye useful life and no salvage value. During 2022, the following selected transactions occurred: Apr. 1 May 1 June 1 Purchased land for $4.60 million. Paid $1.150 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1. Sold equipment for $340,000 cash. The equipment cost $3.60 million when originally purchased on January 1, 2014. Sold land for $4.32 million. Received $660,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.20 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.40 million cash.