Land

$$3,500,000$

Buildings

$$27,000,000$

Less: Accumulated depreciation$-$buildings $,10,000,000,17,000,000$

Equipment

$47,000,000$

Less: Accumulated depreciation$-$equipment

Total plant assets

During $2023,$ the following selected cash transactions occurred.

April $1$ Purchased land for $$2,000,000.$

May $1$ Sold equipment that cost $$600,000$ when purchased on January $1,2019.$ The equipment was sold for $$360,000.$

June $1$ Sold land purchased on June $1,2013$ for $$1,410,000.$ The land cost $$391,000.$

July $1$ Purchased equipment for $$2,300,000.$

Dec. $31$ Retired equipment that cost $$471,000$ when purchased on December $31,2013.$

$($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. $($List all debit entries before credit entries. 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.$)$

Date

Account Titles and Explanation

Debit

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