Problem 9-8A a-c (Part Level Submission) At January 1, 2018, Oriole Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $67,700,000 Accumulated depreciation-equipment 49,400,000 Buildings 90,500,000 Equipment 145,400,000 Land 20,900,000 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 residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the following selected transactions occurred: Purchased land for $4,310,000. Paid $1,120,000 cash and issued a three-year, 7% mortgage payable for the balance. Interest on the mortgage is payable annually each April 1 Apr. 1 Sold equipment for $310,000 cash. The equipment cost $2,602,800 when originally purchased on January 1, 2010. May 1 Sold land for $3,765,000. Received $942,600 cash and accepted a three-year, 5% note for the balance. The land cost $1,400,000 when purchased on June 1, 2012. Interest on the note is due annually each June 1 June 1 Purchased equipment for $2,200,000 cash July 1 Retired equipment that cost $1,100,000 when purchased on January 1, 2009. No proceeds were received Dec. 31 31 Tested land for impairment and found that its recoverable value was $20,900,000. (b) Record any adjusting entries required at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Date Dec. 31 (To record depreciation expense on buildings) Dec. 31 (To record depreciation expense on equipment) Dec. 31 (To record interest expense) Dec. 31 (To record interest revenue)