P9-5A At December 31, 2016, Jimenez SA reported the following as plant assets 3,000,000 Land Buildings 26,500,000 Less: Accumulated depreciation-buildings 12,100,000 14,400,000 Equipment 40,000,000 Less: Accumulated depreciation equipment 5,000,000 35,000,000 Total plant assets 52,400,000 During 2017, 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, 2013. The equipment was sold for 466,000 June 1 old land purchased on June 1, 2007 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, 2007. 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 disposed of at the time of sale or retirement. (b) Record adjusting entries for depreciation for 2017. (c) Prepare the plant assets section of Jimenez's statement of financial position at Decem- ber 31, 2017