Problem 5. At December 31, 2016, Ruiz Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation- equipment Total plant assets S26,500,000 12,100,000 40,000,000 5,000,000 $3,000,000 14,400,000 35,000,000 52,400,000 During 2017, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,200,000. 1-May Sold equipment that cost $660,000 when purchased on January 1, 2010. The equipment was sold for June 1 Sold land for $1,800,000. The land cost $700,000. $200,000