Current Attentio During 2020 the Ap 1 May " 2200000 At December 31, 2019, Riverbed Enterprises reported the following as plant assets. Land 3,980,000 Buildings 28,210,000 Less: Accumulated depreciation-buildings 13,200,000 15,010,000 Equipment 48,670,000 Less: Accumulated depreciation-equipment 4,980,000 43,690,000 Total plant assets 62,680,000 During 2020, the following selected cash transactions occurred. April Purchased land for 2,200,000. 1 May 1 June 1 Sold equipment that cost 840,000 when purchased on January 1, 2016. The equipment was sold for 521,920. Sold land purchased on June 1, 2010 for 1,450,000. The land cost 399,000. July Purchased equipment for 2,480,000. 1 Dec. 31 Retired equipment that cost 491,000 when purchased on December 31, 2010. No residual value was received. (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 residual value. The equipment is estimated to have a 10-year useful life and no residual value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Apr. 1 Land Cash May 1 Depletion Expense Accumulated Depreciation-Equipment (To record depreciation) May 1 Cash Accumulated Depreciation-Equipment Gain on Disposal of Plant Assets Equipment (To record sale of equipment) (To record depreciation) (To record retirement of equipment) Debit Credit 2200000 3980000 521920 4857900 2200 3980