I just need help with recording adjusting entries for depreciation for 2012, I not sure how to record correctly. Plant Assets: Land $4,000,000 Buildings 28,500,000 Less: Accumulated depreciationbuildings 12,100,000 16,400,000 Equipment 48,000,000 Less: Accumulated depreciationequipment 5,000,000 43,000,000 Total plant assets $63,400,000 During 2012, the following selected cash transactions occurred. Apr 1 Purchased land for $2,130,000. May 1 Sold equipment that cost $780,000 when purchased on January 1, 2008.The equipment was sold for $450,000. Jun 1 Sold land purchased on June 1, 2002 for $1,500,000.The land cost $400,000. Jul 1 Purchased equipment for $2,000,000. Dec 31 Retired equipment that cost $500,000 when purchased on December 31, 2002. No salvage value was received. Instructions (a) Journalize the above transactions.The company uses straight-line depreciation for buildings and equipment.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. (b) Record adjusting entries for depreciation for 2012. (c) Prepare the plant assets section of Jimenezs balance sheet at December 31, 2012. (a) Apr. 1 Land 2,130,000 Cash 2,130,000 May 1 Depreciation Expense 32,500 Accumulated Depreciation--Equipment 32,500 May 1 Cash 450,000 Accumulated Depreciation--Equipment 344,500 Equipment 780,000 Gain on Disposal 14,500 Record sale of equipment Jun 1 Cash 1,500,000 Land 400,000 Gain on Disposal 1,100,000 Jul 1 Equipment 2,000,000 Cash 2,000,000 Jul 1 Depreciation Expense 100,000 Accumulated Depreciation--Equipment 100,000 Dec 31 Accumulated Depreciation--Equipment 500,000 Equipment 500,000 Record retirement of Equipment (b) Date Account Title Amount Account Title Amount Account Title Amount Account Title Amount Record depreciation of Buildings Date Account Title Amount Account Title Amount Account Title Amount Account Title Amount Record depreciation of Equipment