Problem 10-5A At December 31, 2017, Grand Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 13,320,000 14,380,000 Equipment Less: Accumulated depreciation-equipment 5,220,000 42,440,000 4,490,000 $27,700,000 47,660,000 Total plant assets $61,310,000 During 2018, the following selected cash transactions occurred. April 1 May 1 Purchased land for $2,160,000. Sold equipment that cost $1,020,000 when purchased on January 1, 2014. The equipment was sold for $612,000 June 1 Sold land purchased on June 1, 2008 for $1,470,000. The land cost $400,000. July 1 Purchased equipment for $2,330,000 Dec. 31 Retired equipment that cost $482,000 when purchased on December 31, 2008. No salvage value was received