P10.5A Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation At December 31, 2020, Grand Company reported the following as plant assets. Land $4,000,000 Buildings $28,500,000 Less: Accumulated depreciation - buildings 12,100,000 16,400,000 Equipment 48,000,000 Less: Accumulated depreciation equipment 5,000,000 43,000,000 Total plant assets $63,400,000 During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,130,000. Sold equipment that cost $750,000 when purchased on January 1, 2017. The equipment was sold for $450,000. Sold land purchased on June 1, 2011 for $1,500,000. The land cost $400,000. Purchased equipment for $2,500,000. Retired equipment that cost $500,000 when purchased on December 31, 2011. No salvage value was received. Instructions (a) (b) (c) 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. Record adjusting entries for depreciation for 2021. Prepare the plant assets section of Grand's balance sheet at December 31, 2021. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". (a) April 1 Account Value Account Value May 1 Account Value Account Value May 1 Account Value Account Value Account Value Account Value June 1 Account Value Account Value Account Value July 1 Account Value Account Value Dec. 31 Account Value Account Value Dec. 31 Account Value Account Value (b) Dec. 31 Account Value Account Value (c) Dec. 31 Account Account GRAND COMPANY Partial Balance Sheet December 31, 2021 Value Value Plant Assets Land Value Buildings Value Less: Accumulated depreciation -buildings Equipment Value ? Value Less: Accumulated depreciation -equipment Total plant assets Value