P10-5A At December 31, 2017, Grand Company reported the following as plant assets. Jou equi rela reti Land Buildings Less: Accumulated depreciation-buildings12,100,000 Equipment Less: Accumulated depreciation-equipment $ 4,000,000 16,400,000 43,000,000 $28,500,000 (LO 48,000,000 5,000,000 Total plant assets During 2018, the following selected cash transactions occurred. Purchased land for $2,130,000. Sold equipment that cost $750,000 when purchased on January 1, 2014. The equipment was sold for $450,000. Sold land purchased on Jun Purchased equipment for $2,500,000. Retired equipment that cost $500,000 when purchased on December 31, 2008. The company received no proceeds related to salvage. April 1 May 1 June 1 July 1 Dec. 31 Instructions (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 value. Update depreciation on assets disposed of at the time of sale or retirement ( salvage (b) Record adjusting entries for depreciation for 2018 ) Prepare the plant assets section of Grand's balance sheet at December 31, 2018