P10-SA At December 31, 2017, Grand Company reported the following as plant assets, Land 5 4,000,000 Less: Accumulated depreciation buildings Equipment Less: Accumulated depreciati 12.100,000 16.400,000 48,000,000 02.3.5 ipment Total plant assets 563,400,000 During 2018, the following selected cash transactions occurred April 1 Purchased land for $2.130,000. May 1 Sold equipment that cost $750,000 when purchased on January 1, 2014. The equipment was sold for $450,000 June 1 Sold land purchased on June 1, 2008 for $1,500,000. The land cost $400.000 July1 Purchased Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2008 equipment for $2,500000 The company received no proceeds related to salvage. Instructions (a) Journalize the above transactions. The company uses straight-line salvage value. The equipment is estimated to have a 10-year useful life and no salvage Buidings $570,000 value. Update depreciation on assets disposed of at the time of sale or retirement equipment. The buildings are estimated to have a 50,-year life and no () Deprecatin E Total plant assets 561,360.000 (b) Record adjusting entries for depreciation for 2018. (c) Prepare the plant assets section of Grand's balance sheet at December 31, 2018. 1000 and that has been depreciated $50,000