I need detailed answer for this problem. And the total plant assets in question c must be $50,037,500 just like the answer in the textbook

Thank you

Journalise equipment transactions related to purchase, sale, retirement, and depreciation (LD 2, 3, 5), AP P9-2A At December 31, 2017, Arnold Corporation reported the following plant assets. Land $ 3,000,000 Buildings $26,500,000 Less: Accumulated depreciation-buildings 11.925,000 14,575,000 Equipment 40,000,000 Less: Accumulated depreciation equipment 5,000,000 35,000,000 Total plant assets $52,575.000 XLS During 2018, the following selected cash transactions occurred. Apr 1 Purchased land for $2,200,000 May 1 Sold equipment that cost $600,000 when purchased on January 1, 2011 The equipment was sold for $170,000. June 1 Sold land for $1,600,000. The land cost $1,000,000. July 1 Purchased equipment for $1,100,000 Dec. 31 Retired equipment that cost $700,000 when purchased on December 31, 2008. No salvage value was received. Instructions (a) Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2018 transactions. Amold uses straight-line depreciation for buildings and equipment. 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 sal vage value. Update depreciation on assets disposed of at the time of sale or retirement. (b) Record adjusting entries for depreciation for 2018, Id Tot plant assets $50,037,500 (c) Prepare the plant assets section of Arnold's balance sheet at December 31, 2018