Problem 9-2A At December 31, 2017, Arnold Corporation reported the following plant asscts. Land Bulldings Less: Accumulated depreciation- buildings Equipment Less: Accumulated depreciation equipment Total plant assets $ 3,000,000 $26,500,000 11,925,000 14,575,000 40,000,000 5,000,000 35,000,000 52,575,000 During 2018, the following selected cash transactions occurred. Apr. Purchased land for $2,200,000. May 1 Sold equipment that cost 5600,000 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 Purchased equipment for $1,100,000. Dec. 3 Retired equipment that cost $700,000 when purchased on December 31, 2008. No salvage value was received. Your answer is correct. Journalize the transactions. Arnold uses straight-line depreoation 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 o for the amounts.) Your answer is partially correct. Ty again. Prepare the plant assets section of Arnold's balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment.) ARNOLD CORPORATION Partial Balance Shect December 31, 2018 Plant Assets Land 4,200,000 Buildings 26,500,000 Less 12,587,500 13,912,500 Accumulated Depreciation-Buildings Equipment 39,800,000 Less 1-6,057,5 057,501 46,057,500 lated Depreciation-Equipment 50,037,500 Total Plant Assets Click if you would like to Show Work for this question: LIST OF ACCOUNTS