Po .4A (LO 1, 2, 3, 5), AP At January 1, 2022, Youngstown Company reported the following property. plant, and equipment accounts: The compary 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 silvage value; the equipment is estimated to have a 10-year useful life and no salvage value: During 2022, the following selected transactions occurred: Apt: 1 Purchased land for $4.4 million. Paid $1.1 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is poyable annually each April 1. May 1 Sold equipment for 5300,000 cash. The equipment cost $2.8 million when originally parchased on January 1,2014. June 1 Sold land for $3.6 million. Received $900,000 eash and accepted a 3-year, 5% note for the balance. The land cost $1.4 million when purchased on June 1,2016. Interest on the note is duc annually each June 1 . July 1 Purchased equipment for $2.2 million cash. Dec: 31 Retired equipment that cost $1 million when purchased on December 31. 2012. No proceeds were recelved. (1).)