P9.5 (LO 2, 3, 5) At December 31, 2019, Jimenez Enterprises reported the following as plant assets. Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation. 3,000,000 14,400,000 Land Buildings Less: Accumulated depreciationbuildings 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 1Purchased 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 Sold land purchased on June 1, 2010 for 1,800,000. The land cost 300,000. July 1Purchased equipment for 2,450,000. Dec. 31 Retired equipment that cost 500,000 when purchased on December 31, 2010. No residual value was received. b. Depreciation Expense- Buildings 530,000; Equipment 3,997,500 C. Total plant assets 51,722,500 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