plant, and equipment as part of profit from operations? What Wild are the arguments in favour of recording gains and losses on disposals of property, non-operating items? as part of profit from operations? What are the arguments in favour of recording them as P9-9B At January 1, 2017, Jaina Company, a public company ment accounts: 2017, Jaina Company, a public company, reported the following property, plant, and equip Accumulated depreciation-buildings $12,100,000 Accumulated depreciation-equipment 15,000,000 Building 28,500,000 Equipment 48,000,000 Land 4,000,000 Record property, plan equipment transaction prepare partial financ statements.(LO 2, 4, Jaina uses straight-line depreciation for buildings and equipment, and its fiscal year end is December 31. The build- ings 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. Interest on all notes is payable or collectible at maturity on the anniversary date of the issue. During 2017, the following selected transactions occurred: Apr.1 Purchased land for $1.9 million. Paid $475,000 cash and issued a 10-year, 6% note for the balance. May 1 Sold equipment that cost $750,000 when purchased on January 1, 2010. The equipment was sold for $350,000 cash. June 1 Sold land purchased on June 1, 1996, for $1.2 million. Received $380,000 cash and accepted a 6% note for the balance. The land cost $300,000. July 1 Purchased equipment for $1 million on account, terms n/60. Dec. 31 Retired equipment that cost $470,000 when purchased on December 31, 2010. Instructions (a) Record the above transactions. (b) Record any adjusting entries required at December 31, 2017, and update account balances. (c) Prepare the property, plant, and equipment section of Jaina's balance sheet at December 31, 2017 ht