Part C: Prepare the property, plant, and equipment section of the companys statement of financial position at December 31. (List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

Question 1 At January 1, 2017, Pharoah Company reported the following property, plant, and equipment accounts Accumulated depreciation-buildings Accumulated depreciation-equipment $62,000,000 52,750,000 Buildings 97,400,000 Equipment 150,300,000 Land 23,650,000 makes adjusting entries annually. The buildings are estimated to have 40-year Useful life and no salvage value: the equipment is estimated to bave a 10-vear useful life and no salvage value During 2017, the following selected transactions occurred. Purchased land for $4.30 million. Paid $1.075 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1 Apr. 1 Sold equipment for $320,000 cash. The equipment cost $3.36 million when originally purchased on January 1, 2009. May 1 June 1 is due annul aash Received $600,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.30 million when purchased on June 1, 2011. Interest on the note July 1 Purchased equipment for $2.60 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received. (a) Your answer is partially correct. Try again. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Credit Date Debit April 1 Land 4,300,000 Cash 1,075,000 3,225,000 Notes Payable May 1 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense) L Cash May 320,000 Accumulated Depreclation-Equipment Loss on Disposal of Land - Equipment (To record sale equipment) June 1 Cash 600,000 Notes Receivable 4,980,000 Land 1,300,000 4,520,000 Gain on Disposal of Land 2,600,000 July 1 Equipment Cash 2,600,000 Depreciation Expense Dec. 31 Accumulated Depreciation-Equipment Equipment July 1 2,600,000 2,600,000 Cash Depreciation Expense Dec. 31 Accumulated Depreciation-Equipment (To record depreciation expense) Accumulated Depreciation-Equipment Dec. 31 Equipment (To record disposal of equipment) ties are automatically Indented when the amount is entered. Do not indent manually. If no entry Is required, selgct No Fatry' far the accont titles agd entar 0 for the amounts Debit Credit Date Account Titles and Explanation Dec. 31 (To record depreciation expense for buildings) Dec. 31 (To record depreciation expense for equipment) Dec, 31 (To record interest incurred but not yet paid) Dec. 31 (To record interest accrued but not yet received) LINK TO TT LINK TO TEXT LINK TO TEXT LINK TO T