Problem 10-5A (Part Level Submission)

At December 31, 2017, Grand Company reported the following as plant assets.

Land				$ 3,670,000
Buildings		$27,580,000
Less: Accumulated depreciationbuildings		12,950,000		14,630,000
Equipment		48,100,000
Less: Accumulated depreciationequipment		4,630,000		43,470,000
Total plant assets				$61,770,000

During 2018, the following selected cash transactions occurred.

April 1		Purchased land for $2,040,000.
May 1		Sold equipment that cost $1,140,000 when purchased on January 1, 2014. The equipment was sold for $684,000.
June 1		Sold land purchased on June 1, 2008 for $1,600,000. The land cost $392,000.
July 1		Purchased equipment for $2,300,000.
Dec. 31		Retired equipment that cost $514,000 when purchased on December 31, 2008. No salvage value was received.

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.)

help me with getting the adjusting entries for depreciation for 2018.

Date Account Titles and Explanation Debit Credit Apr. 1 ?|Land 2040000 Cash 2040000 May 1 Depreciation Expense 38000 Accumulated Depreciation-Equipment 38000 To record depreciation) May 1 |Cash 684000 Accumulated Depreciation-Equipment 494000 Equipment 1140000 Gain on Disposal of Plant Assets 38000 To record sale of equipment) June 1 ?|Cash 1600000 Land 392000 Gain on Disposal of Plant Assets 1208000 July 1 Equipment 2300000 Cash 2300000 Dec. 31 Depreciation Expense 51400 Accumulated Depreciation-Equipment 51400