Problem 10-05A a-c (Video) At December 31, 2020, Pina Colada Company reported the following as plant assets Land Buildings Less: Accumulated depreciation-buildings 10,420,000 16,660,000 Equipment Less: Accumulated depreciation-equipment 4,610,000 43,910,000 3,870,000 $27,080,000 48,520,000 Total plant assets $64,440,000 During 2021, the following selected cash transactions occurred April 1 Purchased land for $2,140,000 May 1 Sold equipment that cost $930,000 when purchased on January 1, June 1 Sold land purchased on June 1, 2011 for $1,590,000. The land cost Duly 1 Purchased equipment for $2,480,000 2017. The equipment was sold for $558,000. $402,000. Dec. 31 Retired equipment that cost $517,000 when 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 amounts.)