Part II. At January 1, 2024, Hammersmith Limited reported the following property, plant, and equipment accounts: The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2024, the following selected transactions occurred: Apr. 1 Purchased land for $3.8 million. Paid $950,000 cash and issued a 10-year, 6% mortgage payable for the balance. Interest is payable at maturity. May 1 Sold equipment for $700,000 cash. The equipment cost $1.5 million when it was originally purchased on January 1, 2020. June 1 Sold land for $2.4 million. Received $760,000 cash and accepted a 6% note for the balance. The note is due at maturity. The land cost $600,000 when purchased on June 1, 2021. July 1 Purchased equipment for $2 million on account, terms n/60. Sept. 2 Paid amount owing on account for purchase of equipment on July 1. Dec. 31 Retired equipment that cost $940,000 when purchased on January 1, 2015. No proceeds were received. 31 Tested land for impairment and found that its fair value was $11 million. Instructions a. Record the above transactions. b. Record any adjusting entries required at December 31 . c. Calculate net balances of land, buildings, and equipment at December 31