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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50 sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal e *Problem 10-5A (Part Level Submission) Date Account Titles and Explanation Debit Credit At December 31, 2017, Grand Company reported the following as plant assets. $3,670,000 an Buildings Less: Accumulated depreciation-buildings 12,950,000 14,630,000 Equipment Less: Accumulated depreciation-equipment 4,630,000 43,470,000 $27,580,000 48,100,000 To record depreciation) Total plant assets $61,770,000 May 1 During 2018, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,040,000 Sold equipment that cost $1,140,000 when purchased on January 1, 2014. The equipment was sold for $684,000 Sold land purchased on June 1, 2008 for $1,600,000. The land cost $392,000 Purchased equipment for $2,300,000 Retired equipment that cost $514,000 when purchased on December 31, 2008. No salvage value was received. (To record sale of equipment) To record depreciation) To record retirement of equipment)