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-/12 At January 1, 2022, Wildhorse Co.reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment $61,350,000 54,700,000 Buildings 97,200,000 Equipment Land 150,300,000 20,150,000 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 useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. During 2022, the following selected transactions occurred: Apr. 1 May 1 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. Sold equipment for $210,000 cash. The equipment cost $3.30 million when originally purchased on January 1, 2014 Sold land for $5.04 million. Received $750,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.20 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. June 1 July 1 Purchased equipment for $2.00 million cash Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received. Question 2 of 4 10.38/12 Property, Plant and Equipment in order of Land, Buildings and Equipment.) ORSE CO. ent of Financial Position (Partial) iber 31, 2022 rty, Plant and Equipment 23250000 Ings 97200000 2 Accumulated Depreciation-Buildings 71070000 26130000 ament 148000000 73360000 Accumulated Depreciation Equipment . 77730000 126610000 Property, Plant and Equipment Attempts: 1 of 3 used Submit Answer Save for Later