ooo Sprint 3:46 PM Chapter Ten Homework Problem 10-5A At December 31, 2017, Grand Company reported the following as plant assets 3,720,000 0,220,000 17 Less: Accumulated depreciation-buildings Less: Accumulated depreciation-equipment 5 330,000 43,670,000 $65,190,000 Total plant assets During 2018, the following selected cash transactions occurred April 1 Purchased land for $2,160,000 May 1 Sold equipment that cost $840,000 when purchased on January 1 2014. The equipment was sold for $504,000 Nne sold land purchased on June 1, 2008 for $1,450,000. The land cost $407,000. July 1 Purchased equipment for $2,440,000 Dec. 31 Retired equipment that cost $489,000 when purchased on December 31, 2008. No salvage value was received Your answer is correct. 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.) and 060000 Depreciation Opense Accumulate j sooo Cash