Problem 9-5A (Part Level Submission) At December 31, 2015, Grand Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation- buildings Equipment Less: Accumulated depreciation- equipment $4,286,000 $29,198,000 11,765,000 17,433,000 48,207,000 5,405,000 42,802,000 $64,521,000 Total plant assets During 2016, the following selected cash transactions occurred. April 1 Purchased land for $2,128,000 May 1 Sold equipment that cost $1,161,000 when purchased on January 1, 2012. The equipment was sold for $696,600 June 1 Sold land purchased on June 1, 2006 for $1,452,000. The land cost $406,000. July 1 Purchased equipment for $2,491,000 Dec. 31 Retired equipment that cost $480,000 when purchased on December 31, 2006. No salvage value was received. ournalize the above transactions. The company uses straight-ine 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. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually-) Apr Land To record depredation) 'O To record sale of equipment) Gain on Disposal of Piant Asses Dec. 3 To record depredation) Dex cumulated Degreclation Equgmen Dec. 3 To record retirement of equipment)