Problem 9-2A At December 31, 2017, Arnold Corporation reported the following plant assets. Land 3,000,000 Buildings $26,500,000 Less: Accumulated depreciation 11,925,000 14,575,000 buildings 40,000,000 Equipment Less: Accumulated depreciation 5,000,000 35,000,000 equipment $52,575,000 Total plant assets During 2018, the following selected cash transactions occurred Apr. 1 Purchased land for $2,200,000 May 1 Sold equipment that cost $600,000 when purchased on January 1, 2011. The equipment was sold for $170,000. June 1 Sold land for $1,600,000. The land cost $1,000,000 July 1 Purchased equipment for $1,100,000. Dec. 31 Retired equipment that cost $700,000 when purchased on December 31, 2008. No salvage value was received. Journalize the transactions. Arnold uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful 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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)