Problem 9-5A

At December 31, 2017, Grand Company reported the following as plant assets.

Land				$ 3,560,000
Buildings		$29,120,000
Less: Accumulated depreciationbuildings		13,240,000		15,880,000
Equipment		47,320,000
Less: Accumulated depreciationequipment		4,650,000		42,670,000
Total plant assets				$62,110,000

During 2018, the following selected cash transactions occurred.

April 1		Purchased land for $2,190,000.
May 1		Sold equipment that cost $1,080,000 when purchased on January 1, 2014. The equipment was sold for $648,000.
June 1		Sold land purchased on June 1, 2008 for $1,510,000. The land cost $395,000.
July 1		Purchased equipment for $2,480,000.
Dec. 31		Retired equipment that cost $473,000 when purchased on December 31, 2008. The company received no proceeds related to salvage.

Pad Problem 9-5A At December 31, 2017, Grand Company reported the following as plant assets $3,560,000 Buildings $29,120,000 Less: Accumulated depreciation-buildings 13,240,0 15,880,000 Equipment 47,320,000 650,000 42,670,000 62,110,000 Total plant assets During 2018, the following selected cash transactions occurred April 1 Purchased land for $2,190,000. May1 Sold equipment that cost $1,080,000 when purchased on January 1, 2014. The equipment was sold for $648,000 une 1 Sold land purchased on June 1, 2008 for $1,510,000. The land cost $395,000. July 1 Purchased equipment for $2,480,000 Dec. 31 Retired equipment that cost $473,000 when purchased on December 31, 2008. The company received no proceeds related to salvage. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50 year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually, Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the ecoest Titles and Explanatien To record deprociation May 1 Te recond sale of eqaigment) To rocond deprociation) To rocord retirement o oquipme SHOW LIST IMELAR