Question 1 At January 1, 2017, Blossom Company reported he following property, plant, and equipment accounts: Accumulated depreciation-equipment53,500,000 Buildings Equipment Land 97,500,000 150,000,000 The company uses straight-lne depreciabon for buildings and equpment, ts year-end is December 31, and it makes adjustng entres annually, The buildings are estimated to have a 40-vear useful life and no salvage value: the equipment is estimated to have a 10-vear useful life and no salvage value. Durig 2017, the fellowing selected treisactions occurred. Apr 1 Purchased and for 4.40 million. Paid?1.100 millon cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for s320,000 cash. The equipment cost $2.64 mllion when originally purchased on January 1, 2009 une 1 Sold land for?5.74 milion. Received $700,000 cash and accepted a 3-year, 5% nate for the balance. The land oast $1.50 milion when purchased on June 1 2011. Interest on the note is due annually each une 1 uly1 Purhased equipment for $.7D milion cash Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007, No proceeds were received