P9-5B At December 31, 2016, Durango Ltd. reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets 2,000,000 16,400,000 4,000,00026,000,000 28,500,000 12,100,000 30,000,000 44,400,000 During 2017, the following selected cash transactions occurred. Mar Purchased land for 1,350,000. Apr Sold equipment that cost 420,000 when purchased on January 1, 2013. The equipment was sold for 248,000. June Sold land purchased on June 1, 2007, for 1,000,000. The land cost 310,000. Oct. Purchased equipment for 1,260,000. Dec. 31 Retired equipment that cost 300,000 when purchased on December 31, 2007. No residual value was received. Instructions (a) Journalize the above transactions. Durango uses straight-line depreciation for build- ings and equipment. The buildings are estimated to have a 50-year useful life and no residual value. The equipment is estimated to have a 10-year useful life and no resid- ual value. Update depreciation on assets disposed of at the time of sale or retirement