Problem 9-4A At January 1, 2017, Youngstown Company reported the following property, plant, and equigment accounts: Accumulated depreciation-buildings $62,200,000 Accumulated depreciation-equipment 54,000,000 Buildings Equipment Land 97,400,000 150,000,000 20,000,000 ngs and equgenert, as year-end is December 31, and ? makes atlusting orenes-eualy. The balings are estrnated to have a 40 year useful Me and no salvage value, the equipment is estimated to have a 10 year useful bfe and no salvage vae During 2017, the following selected transactions occurred Apr. I nachased land for $4.4 millon, Paid S1.1 million cash and seaed3-yea, ?% rote p-yable ler the balarce. Inter-on the e " pay ble ach Aen. May I iold equipment for $300,000 cash. The equipment cost $2.8 mllion when oniginally purchased on January 1, 2009 June 1 Sold land for $3.6 million Received $900,000 cash and accepted a 3-yeat S% note for the balance. The land cost SLA man "hen prchased O)une 2011. Inte et on then eeaanuly each June 1 uly 1 Purchased equipment for $22 million cash Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007, No proceeds were received