Current Attempt in Progress At lanuary 1, 2022, Sandhill Co, reported the following property, plant, and equipment accounts: 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 usefullife and no salvage-value; the equipment is estimated to have a 10 -year useful life and no salvage value. 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 estimated to have a 10 -year useful life and no salvage value. During 2022, the following selected transactions occurred: Apr. 1 Purchased land for $5 million. Paid $1 million cash and issued a 3 -year, 6% note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $210,000 cash. The equipment cost $3 million when originally purchased on January 1,2014. June 1 Sold land for $4 million. Received $900,000 cash and accepted a 3-year, 5% note for the balance. The land cost $2 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2 million cash. Dec.31 Retired equipment that cost $1 million when purchased on December 31,2012 . No proceeds were received. Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1,2022 . (ff a th a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entere particular Asset, Liability or Equity item that was reduced.) Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1,202 a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amour particular Asset, Liability or Equity item that was reduced.) Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1, 2022. (If o transoction couses a decrease in Assets, Liablilites or Stockholders' Equilt, ploce a negative sign (or parentheses) in front of the amount entered for the particular Asset, Llablity or Equity ltem that was reduced.) Prepare a tabular summary that includes the property, plant, and equipenent balances as of January 1. 2022. (If a transaction couses a decrease in Assets, Llabilities or Stockholders' Equity, ploce a negative sign (or parentheses) in front of the amount entered for the particular Asset, Llability or Equity item that was reduced.) Current Attempt in Progress At lanuary 1, 2022, Sandhill Co, reported the following property, plant, and equipment accounts: 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 usefullife and no salvage-value; the equipment is estimated to have a 10 -year useful life and no salvage value. 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 estimated to have a 10 -year useful life and no salvage value. During 2022, the following selected transactions occurred: Apr. 1 Purchased land for $5 million. Paid $1 million cash and issued a 3 -year, 6% note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $210,000 cash. The equipment cost $3 million when originally purchased on January 1,2014. June 1 Sold land for $4 million. Received $900,000 cash and accepted a 3-year, 5% note for the balance. The land cost $2 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2 million cash. Dec.31 Retired equipment that cost $1 million when purchased on December 31,2012 . No proceeds were received. Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1,2022 . (ff a th a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entere particular Asset, Liability or Equity item that was reduced.) Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1,202 a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amour particular Asset, Liability or Equity item that was reduced.) Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1, 2022. (If o transoction couses a decrease in Assets, Liablilites or Stockholders' Equilt, ploce a negative sign (or parentheses) in front of the amount entered for the particular Asset, Llablity or Equity ltem that was reduced.) Prepare a tabular summary that includes the property, plant, and equipenent balances as of January 1. 2022. (If a transaction couses a decrease in Assets, Llabilities or Stockholders' Equity, ploce a negative sign (or parentheses) in front of the amount entered for the particular Asset, Llability or Equity item that was reduced.)
