Problem 9-5A (Part Level Submission) At December 31, 2019, Pina Colada Corp. reported the following as plant assets. Land $ 3,770,000 15,120,000 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $27,290,000 12,170,000 48,020,000 4,550,000 43,470,000 $62,360,000 During 2020, the following selected cash transactions occurred. April 1 May 1 June 1 Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2016. The equipment was sold for $540,000. Sold land purchased on June 1, 2010 for $1,540,000. The land cost $394,000. Purchased equipment for $2,530,000. Retired equipment that cost $491,000 when purchased on December 31, 2010. The company received no proceeds related to salvage. July 1 Dec. 31 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 amounts.) Date Account Titles and Explanation Debit Credit Apr. 1 Land 2,190,000 Cash 2,190,000 May 1 Depreciation Expense 30,000 Accumulated Depreciation Equipment 30,000 (To record depreciation) May 1 Cash 540,000 Accumulated Depreciation-Equipment 390,000 Gain on Disposal of Plant Assets 30,000 Equipment 900,000 (To record sale of equipment) June 1 Cash 1,540,000 Land 394,000 Gain on Disposal of Plant Assets 1,146,000 July 1 Equipment 2,530,000 Cash 2,530,000 Dec. 31 Depreciation Expense 49,100 Accumulated Depreciation-Equipment 49,100 (To record depreciation) Dec. 31 Accumulated Depreciation-Equipment 491,000 Equipment 491,000 (To record retirement of equipment) Record adjusting entries for depreciation for 2020. (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 amounts.) Date Account Titles and Explanation Debit Credit (To record building depreciation) (To record equipment depreciation)