Problem 5 (optional). 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 $26,500,000 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. Purchased land for $2,200,000. Sold equipment that cost $660,000 when purchased on January , 2010. The equipment was sold for $200,000 Sold land for $1,800,000. The land cost $700,000. Purchased equipment for $1,300,000. Apr. 1 1-May June1 July 1 9-1