P$8\mathrm{.}2$ Record transactions related to purchase, sales, retirements and depreciation

At December $31,2027,$ Arnold Corporation reported the following plant assets.

Land

During $2028,$ the following selected cash transactions occurred.

Apr. $1$ Purchased land for $$2,200,000.$

May $1$ Sold equipment that cost $$600,000$ when purchased on January $1,2021.$ The equipment was

sold for $$170,000.$

June $1$ Sold land for $$1,600,000.$ The land cost $$1,000,000.$

July $1$ Purchased equipment for $$1,100,000.$

Dec. $31$ Retired equipment that cost $$700,000$ when purchased on December $31,2018.$ No salvage value

was received.

Instructions

Prepare a tabular summary that includes plant asset accounts and balances as shown on the December $31,$

$2027$ balance sheet.

Enter the $2028$ transactions in the tabular summary from part $($a$).$ Arnold uses straightline depreciation for

buildings and equipment. The buildings are estimated to have a $40-$year useful 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.

Record adjustments to accounts for depreciation for $2028.$

Prepare the plant assets section of Arnold's balance sheet at December $31,2028.$

d$.$ Prepare the plant assets section of Arnold's balance sheet at December $31,2028.$

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a $"?".$