P9.5 (LO 2, 3, 5) At December 31, 2019, Jimenez Enterprises reported the following as plant assets. 3,000,000 14,400,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets 26,500,000 12,100,000 40,000,000 5,000,000 35,000,000 52,400,000 During 2020, the following selected cash transactions occurred. April 1 Purchased land for 2,200,000. May 1 Sold equipment that cost 750,000 when purchased on January 1, 2016. The equipment was sold for 466,000. June 1 Sold land purchased on June 1, 2010 for 1,800,000. The land cost 300,000 July 1 Purchased equipment for 2,450,000. Dec. 31 Retired equipment that cost 500,000 when purchased on December 31, 2010. No residual value was received. 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 residual value. The equipment is estimated to have a 10-year useful life and no residual value. Update depreciation on assets dis- posed of at the time of sale or retirement. b. Record adjusting entries for depreciation for 2020. c. Prepare the plant assets section of Jimenez's statement of financial position at December 31, 2020