Problem 7-2 At December 31, 2017, Blue Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings 18,078,300 8,441,700 Equipment Less: Accumulated depreciation-equipment 7,580,000 53,060,000 Total plant assets $ 4,548,000 $26,520,000 60,640,000 $66,049,700 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,335,200. May Sold equipment that cost $909,600 when purchased on January 1, 2011. The equipment was sold for $257,720. June Sold land for $2,425,600. The land cost $1,516,000. July 1 Purchased equipment for $1,667,600 Dec. 31 Retired equipment that cost $1,061,200 when purchased on December 31, 2008. No salvage value was received. Problem 7-2 At December 31, 2017, Blue Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings 18,078,300 8,441,700 Equipment Less: Accumulated depreciation-equipment 7,580,000 53,060,000 Total plant assets $ 4,548,000 $26,520,000 60,640,000 $66,049,700 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,335,200. May Sold equipment that cost $909,600 when purchased on January 1, 2011. The equipment was sold for $257,720. June Sold land for $2,425,600. The land cost $1,516,000. July 1 Purchased equipment for $1,667,600 Dec. 31 Retired equipment that cost $1,061,200 when purchased on December 31, 2008. No salvage value was received