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.

At December 31, 2015, Grand Company reported the following as plant assets. $4,335,000 Land $28,931,000 Buildings Less: Accumulated depreciation 13,741,000 15,190,000 buildings Equipment 48,872,000 Less: Accumulated depreciation- 4,965,000 43,907,000 equipment $63,432,000 Total plant assets During 2016, the following selected cash transactions occurred. April 1 Purchased land for $2,153,000 May 1 Sold equipment that cost $975,000 when purchased on January 1, 2012. The equipment was sold for $585,000. June 1 Sold land purchased on June 1, 2006 for $1,410,000. The land cost $394,000. July 1 Purchased equipment for $2,594,000 Dec. 31 Retired equipment that cost $472,000 when purchased on December 31, 2006. No salvage value was received