Problem 9-4A (Part Level Submission) At January 1, 2017, Crane Company reported the following property, plant, and equipment accounts S61,750,000 53,850,000 Accumulated depreciation-buildings Accumulated depreciation- equipment Buildings Equipment Land 97,200,000 150,100,000 23,450,000 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 Apr. 1 May 1 June 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. Sold equipment for $230,000 cash. The equipment cost $3.78 million when originally purchased on January 1, 2009 Sold land for $3.72 million. Received $870,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.60 million when purchased on June 1, 2011, Interest on the note is due annually each June 1 July 1 Purchased equipment for 2.20 milion cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received