P9-2A At December 31, 2017, Arnold Corporation reported the following plant assets. $ 3,000,000 14,575,000 35,000,000 ns related to purchase net, and depreciation Land Buildings Less: Accumulated depreciation-buildings 11.925,000 Equipment Less: Accumulated depreciation-equipment 5,000,000 Total plant assets $26,500,000 $52,575,000 During 2018, the following selected cash transactions occurred Ap1 Purchased land for $2,200,000. May 1 Sold equipment that cost $600,000 when purchased on January 1, 2011. The equipment was sold Tor $170,000 June 1 Sold July-1 Purchased equipment for ST,100,000. Dec. 31 Retired equipment that cost $700,000 when purchased on December 31, 600,000. The land cost 2008. No salvage value was mecehied Instructions may wish to set up T-accounts, post beginning balances, and then post 2018 transactions.) Arnold uses straight-line depreciation for buildings and equipment. The buildings are estimat no salvage value; the equipment is estimated to have a 10-year useful lie a vage value. Update depreciation on assets disposed of at the time of sale or retirement ed to have a 40-year useful life and (bi Record adjusting entries for depreciation for 2018. assets $ the plant assets section of Arnold's balance sheet at December 31. 2018