Problem 9-4A At January 1, 2017, Pharoah Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $61,250,000 Accumulated depreciation-equipment 54,250,000 Buildings Equipment Land 97,300,000 150,250,000 22,300,000 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-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value During 2017, the following selected transactions occurred Purchased land for $4.40 million. Paid $1.100 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1 Apr. 1 May 1 Sold equipment for $350,000 cash. The equipment cost $2.64 million when originally purchased on January 1, 2009 June 1 Sold land for $5.40 million. Received $600,000 cash and accepted a 3-year 5%, no e for the balance. The and cost $.50 million when purchased on July 1 Dec. 31 June 1, 2011. Interest on the note is due annually each June 1 Purchased equipment for $2.40 million cash. Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received