Problem 9-2A (Part Level Submission) At December 31, 2017, Arnold Corporation reported the following plant assets. $3,000,000 Land Niuilklinf. Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation $26,500,000 11,925,000 40,000,000 14,575,000 5,000,000 35,000,000 Total plant assets $52,575,000 During 2018, the following selected cash transactions occurred. 40,00 hen purchased on Purchased land for $2,200,000. Sold equipment that cost $600,000 when purchased on January 1, 2011. The equipment was sold for $170,000. Sold land for $1,600,000. The land cost $1,000,000. Purchased equipment for $1,100,000 Retired equipment that cost $700,000 when purchased on December 31, 2008. No salvage value was received. Apr. May 1 1 June 1 July 1 Dec. 31