P9-5A Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation

At December 31, 2014, Grand Company reported the following as plant assets.

P9-5A Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation At December 31, 2014, Grand Company reported the following as plant assets Land Buildings Less: Accumulated depreciation buildings Equipment Less: Accumulated depreciation equipment 28,500,000 12,100,000 48,000,000 5,000,000 4,000,000 16,400,000 43,000,000 Total plant assets 63,400,000 During 2016, 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, 2012. The June 1 July 1 Dec. 31 equipment was sold for $450,000 Sold land purchased on June 1, 2006 for $1,500,000. The land cost $400,000 Purchased equipment for $2,500,000 Retired equipment that cost S500,000 when purchased on December 31, 2006 No salvage value was received Instructions 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 salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. Record adjusting entries for depreciation for 2016 (c) Prepare the plant assets section of Grand's balance sheet at December 31, 2016 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a