Problem 10-5A At December 31, 2017, Grand Company reported the following as plant assets. Land $ 3,770,000 15,970,000 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $27,870,000 11,900,000 48,370,000 4,850,000 43,520,000 $63,260,000 During 2018, the following selected cash transactions occurred. April 1 May 1 June 1 Purchased land for $2,120,000. Sold equipment that cost $930,000 when purchased on January 1, 2014. The equipment was sold for $558,000. Sold land purchased on June 1, 2008 for $1,490,000. The land cost $394,000. Purchased equipment for $2,480,000. Retired equipment that cost $508,000 when purchased on December 31, 2008. No salvage value was received. July 1 Dec. 31 Your answer is partially correct. Try again. 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 o for the amounts.) Your answer is partially correct. Try again. Record adjusting entries for depreciation for 2018. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 4 | Depreciation Expense 557400 Accumulated Depreciation-Buildings 557400 (To record building depreciation) Dec. 31 A Depreciation Expense 4862920 X Accumulated Depreciation-Equipment 4862920 (To record equipment deprecition) Prepare the plant assets section of Grand's balance sheet at December 31, 2018. (List Plant Assets in order of Land, Buildings ar Grand Company Balance Sheet (Partial) December 31, 2018 Intangible Assets x X Less X DODO X x Less X X Click if you would like to Show Work for this question: Open Show Work