lo P9-5B At December 31, 2020, Torrealba Journalize a Company reported the following as plant series assets. equipment transactions Land $ 2,000,000 related Buildings $20,000,000 purchase. Less: Accumulated depreciation, sale, buildings 8.000.000 12,000,000 retirement Equipment 30,000,000 and Less: Accumulated depreciation depreciation equipment 4.000.000 (LO 1, 3,5) 26.000.000 Total plant assets $40,000,000 During 2020, the following selected cash transactions occurred. Aprill Purchased land for $1,200,000. May 1 Sold equipment that cost $450,000 when purchased on January 1, 2017. The equipment was sold for $260,000. June 1 Sold land purchased on June 1, 2011, for $1,000,000. The land cost $340,000 July 1 Purchased equipment for $1,500,000 Dec. 31 Retired equipment that cost $300,000 when purchased December 31, 2010. No salvage value was received. Instructions (a) Journalize the above transactions. (6) Dep Torrealba uses straight-line depreciation for buildings and equipment. The reciation Expense buildings are estimated to have a 50-year useful life and no salvage value. The Building equipment is estimated to have a 10-year $400,000; useful life and no salvage value. Update Equipme depreciation on assets disposed of at the $3,000,00 time of sale or retirement 0 Record adjusting entries for (c) depreciation for 2021. plant Prepare the plant assets section of Torrealba's balance sheet at December 31, $38,660,0 2021. on Total assets 00