Question 1 At January 1, 2022, Crane Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $63,600,000 53,350,000 97,400,000 150,600,000 23,900.000 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 salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. During 2022, the following selected transactions occurred: Apr.1 Purchased land for $4.70 million. Paid $1.175 million 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 $220,000 cash. The equipment cost $4.08 million when originally purchased on January 1, 2014. June 1 Sold land for $4.98 million, Received $870.000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.60 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.20 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received. Your answer is partially correct. Try again. Journalize the above transactions. (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 o for the amounts.) Account Titles and Explanation Debit Credit Date April 1. Land 700,000 Notes Payable 13,525,000 Cash May 1 Depreciation Expense | 34.000 Accumulated Depreciation-Equipment (To record depreciation expense) May 1 Cash 220,000 May 1 Depreciation Expense 34,000 Accumulated Depreciation Equipment (To record depreciation ecense) May 1 Cash Accumulated Depreciation Equipment Loss on Disposal of Plant Assets 14,800,000 Equipment (To record sale of equipment) June 1 Cash Notes Receivable Land 600,000 3,380,000 July 1 Gain on Disposal of Land Equipment 200,000 2,200,000 Depreciation Expense 100,000 Accumulated Depreciation Equipment 100,000 (To record depreciation expense) Dec. 318 Accumulated Depreciation Equipment 1,000,000 Equipment 1,000,000 (To record disposal of equipment) Click if you would like to Show Work for this question: Open Show Work