*Problem 10-05A a-c (Part Level Submission) (Video)

At December 31, 2020, Bridgeport Company reported the following as plant assets.

Land $4,360,000

Buildings $28,130,000

Less: Accumulated depreciationbuildings 12,490,000 15,640,000

Equipment 48,640,000

Less: Accumulated depreciationequipment 5,290,000 43,350,000

Total plant assets $63,350,000

During 2021, the following selected cash transactions occurred.

April 1 Purchased land for $2,050,000.

May 1 Sold equipment that cost $1,020,000when purchased on January 1, 2017. The equipment was sold for $612,000.

June 1 Sold land purchased on June 1, 2011 for $1,560,000. The land cost $403,000.

July 1 Purchased equipment for $2,580,000.

Dec. 31 Retired equipment that cost $490,000when purchased on December 31, 2011. The company received no proceeds related to salvage.

.Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the am