Problem 9-5A (Part Level Submission) At December 31, 2017, Grand Company reported the following as plant assets $ 4,180,000 Buildings Less: Accumulated depreciation-buildings 12,890,000 14,420,000 Equipment Less: Accumulated depreciation-equipment 4,530,000 42,940,000 $27,310,000 47,470,000 Total plant assets $61,540,000 During 2018, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,060,000. Sold equipment that cost $1,050,000 when purchased on January 1, 2014. The equipment was sold for $630,000. Sold land purchased on June 1, 2008 for $1,520,000. The land cost $400,000. Purchased equipment for $2,540,000 Retired equipment that cost $494,000 when purchased on December 31, 2008. The company received no proceeds related to salvage