Problem 9-4A At Jenuary 1, 2017. Blossom Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $60,400,000 Accumulated deprediation-equipment 53,500,000 Buildings Equipment 97,600,000 150,000,000 21,850,000 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 ife 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 Apr 1 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. May 1 Sold equipment for $320,000 cash. The equipment cost $2.64 million when originally purchased on January 1, 2009 June 1 Sold land for $S.74 million. Received $700,000 million cash and accepted a 3-year, S% note for the balance. The land cost $1.S0 million when purchased on une 1, 2011. Interest on the note is due annually each June 1. July1 Purchased equipment for $2.70 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were reccived