Problem 9-4A At January 1, 2017, Crane Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $61,750,000 Accumulated depreciation-equipment 53,850,000 97,200,000 150,100,000 23,450,000 Buildings Equipment Land The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40- value; the equipment is estimated to have a 10-year useful life and no salvage value. life and no salvage Apr. 1 Purchased land for $4.90 million. Paid $1.225 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $230,000 cash. The equipment cost $3.78 million when originally purchased on January 1, 2009 June 1 Sold land for $3.72 milion. Received $870,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.60 milion when purchased on June 1, 2011. Interest on the note is due annually each June 1 July 1 Purchased equipment for $2.20 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received. (Creun I Ues and enter 0 for the amounts.) wnen um Date Account Titles and Explanation iresli (To record depreaaton expense) May 1 (To record sake of equpment) June 1 (To record sale of equipment) June 1 (To record deprecation expense) (To record disposal of equipment) Record any adjusting entries required at December 31. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation doli Debit Dec. 31 (To record depreciation expense for buildings) Dec. 31 To record deprecation expense for equipment) Dec. 31 To record nterest incurred but not yet paid) Dec. 31 (To record interest accrued but not yet received) Prepare the property, plant, and equipment section of the company's statement of financial position at December 31. (ist Property, Plant and Equipment in order of Land, Buildings and Equipment.) CRANE COMPANY Statement of Financial Position (Partial)