Problem At January 1, 2017, Cutlamber Company reported the following property tax, and accounts Accumulated depreciation-buildings 501,350,000 Accurated depreciation 194,650,000 Buildings 97,400,000 Equipment 150.550.000 21,850,000 The company uses the depreciation for buldings and equits and is December 31, and makes the best During 2017, the following selected transactions occurred Apr. 1 Purchased and for $4.30 million, Poid 51.075 million cash and we year, 6 note payable for the balance. Interest on the wees problemach May 1 Sold equipment for $320,000 cach. The equipment cost $3,78 million when originally purchased on January 1, 2009 June 1 Sold land for $5.80 milion. Received $700,000 cash and accepted a 5-year 5 note for the balance. The land cost $10 min when purchased on kaet, men det July 1 Purchased equipment for $2.90 million cash Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received Prepare a tabular summary that includes the property, plant and equipment balances as of January 1, 2017 ( action causes a decrease outisties ar Stockholmsgally place Hability or Equity Item that was reduced.) Assets Equipment Accum. Depr.qui. Interest Payable Accum. Depe. - Bldg. Problem At January 1, 2017, Cutlamber Company reported the following property tax, and accounts Accumulated depreciation-buildings 501,350,000 Accurated depreciation 194,650,000 Buildings 97,400,000 Equipment 150.550.000 21,850,000 The company uses the depreciation for buldings and equits and is December 31, and makes the best During 2017, the following selected transactions occurred Apr. 1 Purchased and for $4.30 million, Poid 51.075 million cash and we year, 6 note payable for the balance. Interest on the wees problemach May 1 Sold equipment for $320,000 cach. The equipment cost $3,78 million when originally purchased on January 1, 2009 June 1 Sold land for $5.80 milion. Received $700,000 cash and accepted a 5-year 5 note for the balance. The land cost $10 min when purchased on kaet, men det July 1 Purchased equipment for $2.90 million cash Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received Prepare a tabular summary that includes the property, plant and equipment balances as of January 1, 2017 ( action causes a decrease outisties ar Stockholmsgally place Hability or Equity Item that was reduced.) Assets Equipment Accum. Depr.qui. Interest Payable Accum. Depe. - Bldg